We have contacted a IVA expert and have given them our figures and have been told because we don't earn enough to repay any more than £100.00 per month that we could be repaying our debts of £23,500 for 19 years do you agree with this? It's unfair Illness & losing our job caused this we want to pay our debts will no one help us?
I doubt any IP would do an IVA with contributions of less than £100 per month - I rather think it is a DMP which has been suggested to you rather than an IVA.
Do you have any assets, such a s house, which you need to protect? If not, then I would seriously consider bankruptcy. Your debts will be written off and although you may have to pay a little across monthly if your disposable income is over £50 a month, ths is only for three years.
If you have any questions you need to ask about it, fire away.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
