should i just keep paying token offers or go for an IVA

mrelephant_2

Hi everyone

I am £62,000 in debts spread across credit cards and unsecured loans to 7 creditors.

I curently have arrangements with most of my creditors to pay £1 per month token payments because my outgoings were more than my incomings, however, from January this will change, i should have @ £250 spare per mth.

What i want to know is firstly, would £250 pr mth be enough to set up an IVA to pay off the loans over a 5yr agreement?

Secondly, if not should i just continue paying £1 per mth until a time i have enough spare to meet the minimum IVA payments.

Thirdly, should i bother with any form of settlement agreements at all, and just continue making token payments of £1 for ever, so long as i can fiddle my 'Financial Circumstances' to show i have more outgoings than incomings.

Afterall, i have no assets, ie: i live in rented accomodation, my car is only worth £150 and dont have to depend on it, and i have n savings as such, i would opt to go bankrupt but why should i pay for that when i could just hang in there with the £1 payments until either my creditors choose to take me to court for bankruptcy or get fed up and write off my debts anyway.

At the end of the day i have become emotionless to the hassle from creditors, i know i cant be sent to prison, i know i have no assets and wont be made homeless so i have nothing to loose.

So is it really worth going down the IVA road anyway??

creditcardking_2

Your probably better off just paying the £1 per month if you can get away with it, is the interest frozen? with debts of £62,000 your unlikely to pay them off in 5 years without lowering your standard of living and with no assets bankruptcy could be a good option. You seem to have the right attitude about not letting these debts upset you, after all you are in the driving seat, you have nothing to lose and they have 62k to lose, you can either give your creditors something or nothing, if they give you grief i guess they will get nothing.

mrelephant_2

Interest is not frozen on all of my loans.