Any advice or suggestions would be very much appreciated please? As just really not too sure where to even start with this and am desperate to get this sorted ASAP.
We own a property too. I can provide further info if needed. Thank you
I would be tempted to hold off from signing any iva proposal and seek support through the citizen advice bureau to see if creditors would be willing to agree a settlement direct based on your circumstances - but this does hinge on the amount available and how open your creditors are to make a deal !
Otherwise the iva is your next option in my opinion, however, making a full and final offer will still keep a record on your file for 6 years from the date of acceptance. It is difficult to guide on what the full and final offer is based on with the information provided in your post ..we would need more detail around the monthly payments suggested and the equity level in your house before anyone could give a potential figure.
Sorry not able to be more specific.
Shooting in the dark I would say an offer around 33% ( a third of the debt) would be a starting point. Approaching each creditor direct would mean that some will refuse (maybe all) as they are not tied into any particular solution like an IVA and are free agents. But, it would mean that your credit record wouldn't be trashed for 6 years.
You could combine solutions and make a lump sum IVA --- which is, basically, an IVA based on one single payment. Yes, it trashes your credit record for 6 years, but it binds in those creditors who might not otherwise have agreed (assuming you get the 75% yes vote from the others).
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