i would like to ask for some advice if possible?

[wafer]

hi,

i would like to ask for some advice if possible?

i currently have approx. £10 000 worth of debt spread across approx. 10
lenders. i really cannot afford to keep paying them all on my current
salary each month and so some of my debt payments have been missed.

my monthly salary after tax is £1200.

i have written down my monthly costs which arent bills:

rent - 300
council tax - 70
transport to work - 60
food - 100
electric - 20
water - 10
tv licence - 10
phone and internet - 50
sky - 20
cigarettes - 40
clothes - 50
savings account - 50
parents - 100

that totals 900 altogether and leaves me 300 to pay the rest of my
bills.....not really enough to be honest!!

ive looked at taking out an IVA although i thought itd be better to ask
someone before i made that decision.

if you require any information please let me know.

many thanks

[pbeck]

You should do a debt management plan, you will end up paying off your debts in less than the 5 years an IVA would take and it will be cheaper.

Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist

[Jo Rolland]

Hello,

The level of debt that you have wouldn't be considered in an IVA proposal as enough.

Have you contacted your creditors with regards to reduced payments? If you would like some help in calculating a repayment proposal to put to your creditors, I would be more than happy to help.

Jo Rolland
Debt Alternatives
www.debtalternatives.co.uk

[MelanieGiles]

Hi wafer and welcome to the forum

An IVA will not be an option for you with only £10k worth of debt, and in any case if you can afford to offer £300 per month you would be able to repay your creditors in full over a three year period (assuming that they would agree to waive interest).

I suggest that you have a word with a Debt Management Company to see whether a DMP is a viable option for you.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp