Help, I really don't know what to do!

Chasingdreams

Morning all,

I'm posting here for some constructive advice as I really need some right now.

I have an appointment with an advisor at CCCS to discuss an IVA a little later this morning and I'm doing all of my sums and figures at the moment.

I'll get straight to the point. I've worked out that at present, with all of my bills and commitments paid in a month I will be minus £80 per month on my current income. I've defaulted on a few loans recently as my partner has been made redundant and I've been supporting us both so decided to look down the IVA route. Not ideal but obviously -£80 per month before stepping outside my flat is not sustainable.

My dilemma is this. I have recently finished a masters degree and am due to start a PhD in September so with the jobs I'm applying for I'd be looking at increasing my salary by quite a few K per year. This could mean I don't have to go down the IVA route and damage my credit rating for years to come.

I'm really stuck with what to do here. Do I hold on in the hope I get a new job with my higher skillset or do I take the plunge now (I have no idea if or when I'll get a new role by the way but I'm applying as soon as I see one available)? Has anyone else been in a similar situation? Whilst I fully appreciate no one has a crystal ball, a bit of advice or info from someone who has started an IVA would be appreciated as I really want to know what I'm setting myself up for (both good and bad points).

Look forward to your responses!

Chasingdreams

BigTom85

Hi Chasingdreams

If that is a genuine I&E then an IVA is not going to be sustainable.

Do you have any assets to protect? Bankruptcy may be an option for you.

Get some professional advice from more than one source, you'll soon get a feel for the right solution.

Good luck!

FoggyBrain_2

Is the -£80 after paying the debt too, or just after essentials?

As for the job dilema, if it turns out an IVA or BR is the way to go it would probably be better to go for it now. Then at least you knbow you will be straight in 5 years or so. If you hang on, new job might come too late and your hand could be forced in the meantime.

You pays yer money (so to speak) and you makes yer choice.

Luckystepho

Hi, if you are £80 down after paying everything- bills and debts- could you arrange a debt management plan with your creditors for a few months so you pay them less? Then when your income increases you could go back to your normal payments. It may cost you a bit more in interest but at least it's not as drastic as bankruptcy or a IVA.