Page 1 of 1
Posted: Wed Jul 02, 2014 3:19 pm
by Kari.80
Hi I have debts of 28k unsecured loan and credit cards and im struggling to pay them back and on time would an iva be ok for me?
Posted: Wed Jul 02, 2014 3:29 pm
by MJS
Hello Keri,
Your financial situation would need to be assessed by a professional to see what is the best option for you.
Best bet would be to speak to an Insolvency Practitioners directly and take on their advice.
Posted: Wed Jul 02, 2014 3:30 pm
by Drew
That's good advice MJS. Insolvency Practitioners are licensed and highly regulated
Posted: Wed Jul 02, 2014 8:48 pm
by wiggle1
An iva is not an easy solution (but in our case really worthwhile.)You need to discuss your options with 2 or 3 firms and only proceed when you are comfortable with what is proposed. A lot of people go with the first firm they call because they're panicking and desperate. There is a lot of information on this site and it's easy to see the firms that people rate highly. Also the people on this site are full of brilliant advice and suggestions and there is always someone online day and night! Good luck with your research and remember there is a solution for you.
Posted: Thu Jul 03, 2014 1:23 am
by MelanieGiles
An IVA may well be one of the solutions available to you Kari, but there will be others that you may feel are more appropriate, such as declaring yourself bankrupt or entering into an informal repayment arrangement with creditors.
All of these have pros and cons, so it is important that you get appropriate advice about all of them. I would also recommend an early chat with an insolvency practitioner - it won't cost a penny, and the advice you receive could be very worthwhile in enabling you to make a decision about the future.