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Hi, I'm currently in a lot of financial trouble and have been approximately for 18 months. I've been hiding away from it all ignoring letters. I even went to work abroad. I got into debt when I had a well paid job working for a finance company. When I lost my job I borrowed money to pay for all by debts and it just grew and grew.

As I have a bad credit rating I'm unable to work in the financial sector where I have worked since I left school. I'm only 22 and I want to get this all sorted as it's raelly starting to affect me personally. I owe just over £15k but can't quite afford the £200 a month although I could get quite close to this. Most of my creditors haven't received payments from me in over 12 months. Any help or advice would be greatly apprieciated.

Hi andy and welcome to the forum

I assume that you wish to avoid bankruptcy proceedings, given that you wish to return to work within the finance industry. Bankruptcy does not necessarily preclude you from doing this, and you would have your discharge after one year and sometimes even earlier than that if your case is not complex (which I am guessing it isn't!)

You may just about fit the criteria to enable you to propose an IVA, but personally I feel that that a DMP is probably a better option for you whilst you can only make such low contributions. Why not try this for say six months to see if you can find better paid employment. This may then enable you to increase your payments to creditors, and pay off your debts a lot earlier.

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