Payplan.. IVA?

Longjohn

I have found myself in a bit of a pickle.... I have £6500 credit card debt and a £2000 overdraft. I have a mortgage which i can pay but i'm struggling with these debts. I spoke to payplan and they asked me to send in all my debt info to set up an IVA! After reading the info on here about IVA's im now unsure of what to do for the best. Can anyone with a similar problem or anyone in the know offer me any advice before i comit to the IVA! I would prefer not to go down the 5 year line if possible... Also the fact that i have to sign for a restriction order on my house really worried me...
Thanks for reading.

Tixy

Hi

An IVA is an unusual suggestion for your level of debt, but there could be specific reasons they have suggested this in your case.

I would certainly suggest you speak to another debt advisor before making a decision - one of the charities such as CCCS or Citizen's advice.

Have Payplan suggested how much you can afford to pay a month towards your debts? Did they mention the possibility of a DMP? or say why they were recommending an IVA not a DMP?