so anxious about whether i'm doing the right thing

[Ella66]

I have £27,000 debt - combination of 6 credit cards and one overdraft. I am employed and take home approx £1650 per month. I have contacted B&E on the recommendation of a friend. found them quite hard sell but they have recommended IVA. I have just written letters to all my creditors but feel so anxious about whether i am doing the right thing or not! This site has been absolutely fantastic in so many ways - particularly helping me feel that I am not alone. Has anyone any advice? I have not got a mortgage as I live in rented accomodation. CCCS suggested bankrupty or a 10+ year DMP.

[Viki.W]

Hey ella66, welcome to the forum. How much disposable income do you have for the IVA? If you found B&E hard sell and CCCS have suggested something different, maybe you should get a third opinion. Melanie Giles, an expert who posts on here comes highly recommended. X

[facingittogether]

hi and welcome

sorry i am not an expert but some one will be along shortly.

i would however speak to 2 or 3 ip s before making a decision! our ip is melanie giles who is a regular poster on here and i speak for many people when i say she and her team are professional, honest and non judgemental!

be proud you are facing your problems, there will be a way forward for you, there was for me and i really thought a few months ago there was no where to turn, our iva was approved in april and a weight has been lifted. there will be a solution for you too! keep posting as you will get lots of support on here!

good luck and let us know how you get on!

love barb

[MelanieGiles]

I personally would beware taking advice from anyone who tells you what to do or recommends any course of action. Our role as insolvency practitioners and advisors is to ensure that you are fully appraised of all options, and are able to understand the advantages, disadvantages and implications of each one. Only you can make up your mind as to which is the right option.

[size5]

Looks like a straight choice really between IVA and bankruptcy, I can't in all honesty see the advantage of a DMP in this case. The limited info you have given suggests a disposable income of between £225 and £250 per month. An IVA could be workable under those circumstances, but bankruptcy would also be something that you should consider, it all depends of course on how you see your own situation. As long as you have the options explained to you properly then you can make your own decision from there.

Regards.