Is it now too late to take an IVA?

[mark.n]

Hello. I have recently found myself in financial hardship and i am considering looking at an IVA. I have personal debt of over £15000 the main problem started last year when i was affected by local flooding in a rented property and i had to move to more expensive accomodation. I have now found my debts are getting out of control and i am being chased by creditors and recently collection agencys. Is it now too late to take an IVA? I feel depressed and dont know where to turn.

[pm5]

HI Mark, dont panic cuz there is a solution.
First of all after all your main expenditure Rent, Energy bills, Council Tax etc & this DOES NOT include your debt to creditors, how much surplus cash do you have left over at the end of each month as in an IVA you have to make sure you are able to live comfortably.
You need to speak to an IP who will guide you in the right direction.
Melanie Giles who is on this forum seems a very good IP.
Good Luck.

[Viki.W]

Hey Mark, don't worry. If you post your disposable income as pm5 says and also a list of the companies you owe and how much to each an expert will be able to help.

[MelanieGiles]

You are now ideally placed to enter into an IVA, as you can clearly demonstrate that you are insolvent due to the fact that you are being chased by creditors and collection agencies.

I suggest a chat with an insolvency practitioner to see what options there are available to you, and an understanding of the advantgages, disadvantages and implications of each one.