advice regarding IVA

honeybloom1

first of all my husband and I have had to close our business due to poor trade,we have been left with about £20,000 in debt,we are both now unemployed and looking for work,can we get a iva or should we get a dmp,we have little disposable income as have 2 small children,whats the best thing for us to do,we can no longer afford to keep paying the payments we owe,can anyone help

RAS

Hi

Have you spoken to any of the debt charities? - http://www.moneysavingexpert.com/loans/debt-help-plan#help

Are you getting all the benefits to which you are entitled? www.entitledto.com

Go over to the main DFW forum and post your SOA http://www.makesenseofcards.com/soacalc.html

At the moment all you can do is pay a token £1 per creditor per month as you are on benefits.

When you are working, then you can check out the IVA/DMP routes. You will need a substantial monthly payment for an IVA but Payplan will look at £70 for a DMP.

honeybloom1

thanks for the quick reply,our business closes next week so will be off to the job centre then to talk to them about what we can get,I think its jsa and tax credits plus housing benefit which comes to about £218 a week,how does the paying a £1 per month to a creditor work and how can I arrange it,

RAS

Head over to the Debt free wannabee forum and ask for the token payments letters and people will help you. I am heading off very shortly.