I would get professional advice, I found step change very good, , however 5,000 is a very small amount in IVA terms. I do not personally think an IVA would be the most suitable choice, maybe have a look at DRO ?
The answer, of course, will depend on your personal, as well as financial, circumstances. But, as mentioned, £5k is a modest debt in IVA (Or DRO ) terms.Initial thoughts would be a Debt Management Plan (DMP) where creditors are contacted and offered affordable amounts, according to the debt share thay have. As also mentioned Stepchange (and Payplan) both do these without fees, so the creditors get more, but, if there are only a few creditors, you dould do it yourself,'google'"DIY DMP".
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
