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my husband and i are both in our 50s he is 56 i am 52 including our morgage of 165,000 we are 250,000 in debt mainly with credit cards and loans we are both self employed so income goes up and down but genraly our take home income is around 30-40 thousand a year .do you think iva may be beneficial to us.nither of us is in the best of health,perticularly my husband.

Hi
Firstly can I ask how much your house is worth ?
If it is worth more than 250k then you are not insolvent so an IVA will not be possible.
Regards

An IVA might be a solution available to you, but being self-employed you would need to take specialist advice tailored to your circumstances. There is a statutory requirement for all self-employed people to have a face to face meeting with their nominated insolvency practitioner, which will mean that you will have the opportunity to explore all options and weigh up the advantages and disadvantages of each one.

Bankruptcy proceedings would seem to be inappropriate given that you are homeowners and both self-employed, and I would not recommend a debt management programme given your ages and the quantum of your unsecured creditors.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk