Advice Please

lilybleadon

I have recently been in contact with the citizens advice bureau. Basically i am in about 41K worth of debt unsecured. i also have my property which has a 100% mortgage and a secured loan on this for about 25k. basically im screwed at the mo.
i earn about 25k basic plus another 10 with over time.
Ive spoken to payplan as this is who the citizens advice suggested i used. They have told me i can either do a debt managment system or an IVA. The IVA would take about 6 yrs to complete and debt managment would take at least 11 with no guarantees that it would be agreed to.
I have set out my budget not including my overtime and have found that i would have about £300 left over for payments. I have talked to payplan and they have agreed with my budgeting.
i am seriously considering an IVA as i worry that with a debt managemnet plan i would just never really get myself out of debt. i know its going to mess my credit scoring up but i have tried to sort myself out before and got myself back into debt (about twice over).
The other thing is if i went for an iva would i still be able to have any savings? if i earned more one month, do i have to declare this or can i put any into my savings?
Any advice anyone can give me would be great.

md009

You won't be able to afford savings under an IVA unfortunately, as you will be made to repay as much as you can afford with any money let over being enough for living expenses only. There is a lot you need to find out about IVAs before you should commit to one, as they are very serious, as I'm sure you know.

I think the IVA company will negotiate on your behalf based on what you can afford to pay based on your average monthly income. If you get paid substantially more one month then you will probably have to give a large porportion of that to the creditors but it depends on how much extra you earn. Hope this helps