www.iva.co.uk

I have catalogues, credit cards and council tax debt and I have fibromyalgia and I'm being tested for Ms now as well so as much as I've been trying to clear my debts since before my hours where halfed from 30 to 16 a week I'm living off £30 a week after the rent of £98.16 is taken weekly from my working tax credit of £128.76, so I'm going to do a iva with citizens advice on Friday, but can I cancel my direct debits relating to the debts that are going into the Iva before the Iva goes through? And how will a iva effect my NHS work pension? And what happens to the bank charges that I will end up with from the defaulted payments? Will they also go onto the Iva?

With the sort of income you appear to have an IVA might not be a workable option and another solution might be better. CAB will, most likely, refer you to a particular IVA provider for specific advice and it would be far better for you to chat to a couple firms of your own choosing.

If you decide to go into an IVA you could cancel your direct debits at that time, but don't do this too early as you will be stirring up your creditors who will start chasing you for payment. If bank charges put you into overdraft the bank will be included in your IVA and you will need to open another account elsewhere.

Yes you can cancel direct debits before entering an insolvency option.

The CAB can refer you to someone for an IVA but won't be able to facilitate it - you need a licensed Insolvency Practitioner for that.

I would cut out the middle man and go and see an IP in your local area instead.

Depending on your financial position Bankruptcy or a Debt Relief Order might be more suitable.

You might find some of my short guidance videos useful here:

Personal Insolvency Options:

https://youtu.be/TgalT1vhn6M

Bankruptcy:

https://youtu.be/mAkQsVSCnqo

Debt Relief Order:

https://youtu.be/BtgpEX5mNDg

IVA:

https://youtu.be/zrQruCDiw5w

How much are you debts and what assets do you have?

I agree speaking to CAB is an option, but if you have less than £20,000 debt and no assets, a DRO might be an option. Do you currently work? How much do you earn? If you have more than £50 per month disposable income you may not be able to get a DRO. Do take some advice.

Hi. I set up my IVA with the help off CAB. I finished mine after 6 years this year and it did not affect my NHS pension at all, not even when our contributions went up another 3.2%. My pension and contributions were safe and I was never asked to leave my pension. It was the best thing I ever did and now I am debt free. Good luck