at what stage should i consider iva

[brian.r]

i am currently managing to pay minimum payments on cards {5} with combined debt of approx 24000,at what stage should i consider iva,my monthly outgoings are now considerably more than income.

[kallis3]

Hi Brian, and welcome to the forum.

If your outgoings are exceeding your income, it won't be long before you cannot make even the minimum payments on your cards. You have already made that first step by admitting that you have problems.

You need to sort out how much disposable income you have left after your normal living expenses, and contact an Insolvency Practictioner. There are a few who post on here, but Melanie Giles comes highly recommended. She would be able to discuss your position with you and tell you of the options available.

[Julie]

Hi Brian, I echo Jan's advice. Looking at this forum is the first step so well done. You really need to explore your options, it doesn't have to be an IVA.

Good luck x

[Skippy]

I would definitely start looking at your options now as the longer you leave it the worse the situation will become. I stuck my head in the sand for years as I didn't think there was anything I could do, but if you speak to an insolvency practitioner they will go through your options with you.

[MelanieGiles]

There is no harm in having a chat with an insolvency practitioner, and if your outgoings are higher than your income I wonder how you are managing to maintain any payments at all. There is bound to be more than one option available to you, and the sooner you take advice the sooner you may be to finding the right solution.

[Soulgrowth]

Hi Brian ... welcome to the Forum.

Much better to stay on top of things than to try to lock the stable door after the horse has bolted.

All the best

Debbie