www.iva.co.uk

Good Day,

I have a few questions regarding my debt, please.

I have had a change of circumstance and I am finding it very difficult to make my monthly payments.

I was wondering if you could be of assistance please ? The monthly payments are due very soon.

My total debt is about £95,000 (with interest).

I am not sure what solution is best for me. That is why I require your advice, please.

So, would an IVA, DMP, DRO or Bankruptcy be an ideal solution for me ?

Also, please, does anyone know of a good & reliable company that can advise me regarding a solution ? It would be helpful also, to know (if possible), how long it will typically take to set up a solution and how much it will cost, please.

In addition, I just started a permanent job and I get my 1st salary at the end of this month. Please, do you know if it will in any way affect me getting a debt solution - like a DMP, DRO, IVA, etc ?

Thanks!!

Which debt solution will be the best would need us to know the full picture and an in depth analysis. I would suggest a chat with a couple of insolvency firms to get some idea.

It typically takes a few months to set up a solution and will depend a lot on how fast you respond and provide the required paperwork and information. It will not cost you anything up front if using a reputable firm as they draw the funds from the monthly payments.

I agree with Foggy - also, I take it your new job will have no problems with a finance solution?

Find out about all options then you are in a position to make an informed decision.

Hi

You need to speak to some advisers to explain your circumstances in more detail in order that they can advise you.

A DRO would not be applicable to you with that level of debt and a DMP is probably not going to be viable for any material length of time with that level of debt, which may narrow your choices down to Bankruptcy v an IVA.

I'd be happy to chat to you and give you some advice.

Do you own your own property? Is bankruptcy an option?