IVA or not IVA?

moneymong

hi all,

first post here although have read a few discussions on the forums from what must be one of the most amazing online communities out there, truly refreshing to see.

I've been paying back 2 personal loans and a credit card (owe circa £20k) for circa 5 years. CC is a killer but cant consolidate it at the moment.

I am now at the point of wanting to sort this out once and for all, as income is not what it was and servicing my repayments are becoming more unlikely and I will inevitably fall behind before too long.

I believe I qualify to be eligible for an IVA however see many negative comments on this site that is making me cautious.

I wanted to gauge general consensus as to which route to take to alleviate the debt issues I face. I have tried to pay it back, and honestly feel ashamed (even though they are bankers) that I can't do it.

Is it worth seeking to deal informally with the lenders to 'do a deal' before bankruptcy or go with either the IVA or bankruptcy routes.

Any comments at all welcomed as I have only just pulled my head out of the sand, as it were.