Is an IVA best in our situation, just scared & need advise

frustratednorfolkperson

After some ex-business partners left us with nothing but a £50k legacy which is now £78k we opted for a debt agency. Originally we went to an accountants who said we would have to pay £10k for an IVA & little less to go bankrupt. The latter we have avoided like the plague, even though we know it's a lot cheaper. We started with PayPlan, a free service, but they did not have much welly against the big boys. We are now with Gregory Pennington, a better service but not free. They are going to ask us about going for an IVA in few months. We have been with the agencies for 6 years, so it seems we are already on a continuous IVA & are treated like bankrupts even though we arn't. We really do not want to loose our home, it is all we have, but we are both in our 50's, working our socks off getting no-where. Is an IVA the right way for us to go as my husband is self-employed. Any advice would be wonderful!!!!:o

debtinfo

hi and welcome, is there any equity in the property and what sector does your husband work in, how much do you think you can pay each month towards your debts

finally have you spoken to any independant advisors such as CAB, CCCS or National Debtline

shazbo

Hi, sorry i have no real advice for you but i didnt want to read and leave. I am not sure how things work when a business in involved and i didnt do an IVA but from what i have seen on here it is just a much longer version of BR (i could be wrong) and with debts for the amount you have you would be paying an IVA for a very long time. Have you spoken to any of the debt charities? I know you dont want to lose your home but would you consider selling it to get out of your situation?

Hopefully someone with more knowledge will be along soon

Good luck in making your decision, i know it is not an easy thing to do.

IF

Hi and welcome, first thing Make a list of all your creditors, debts, assets.
Secondly as DI has said is contact one of the following:-

Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
National Debtline - Website: National Debtline Telephone: 0808 808 4000
Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

Please try these they don't charge and are impartial, try at least two.

Hope this helps and take care.
Ifwishes x