I’m quite confused by the whole thing to be honest. We have racked up a lot of debt (loan, overdraft, finance) which we have been paying on time always since we started. We have taken out loans to consolidate debts - so I suppose that shows that actually even though we look like we are in control, we actually aren’t.
I’ve got loads of by now pay laters on Littlewoods which are going to kill us December time financially - it is going to be at the point where all bills are paid but there’s only about £120 left for petrol and food for the 5 of us.
I don’t know what to do
You are best advised to take professional advice from more than one company - we normally suggest two or three and then go with the one you feel most comfortable with.
You have taken step one in acknowledging you do need to find a solution and some help.
Let us know how you go and always remember the forum is here for support
My short video here might give you some starting points:
Why did they say IVA would be better than say bankruptcy?
What assets do you have to protect?
Are they suggesting a 5 year IVA or matching payments in BKY to 3 years?
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