Hi hdl,
As you do not have the spare money to contribute to an IVA I don't see how you could enter one.
If you are in an IVA you will not be able to borrow money to fund it.
If you borrow the money before an IVA to pay for it the lenders will become creditors and have to be included in the IVA. They'd be lending you money to get a dividend back via the IVA which your family might not see as an attractive arrangement.
I think CCCS are right that your first consideration is to concentrate on your personal situation as, whatever choices you make now, your personal situation will be the most important thing in the long-term.
Perhaps it's right that there is no reason to immediately go bankrupt. On the other side of the coin what are the reasons not to?
Why would CCCS counsel against an option that would give you a fresh start financially at a time when you struggle to meet your normal expenses let alone repay debt?
Many people feel an ethical responsibility to repay money that they have borrowed. If this is the case for you I fully accept that bankruptcy might be innappropriate.
Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk