High level of debt

Island1

Anyone who can give me an idea please. I am 61, have £75000 of debt, 12 creditors, not a home owner, am a sole trader, so first am I likely to even get an IVA? secondly, what is the likely monthly amount they would initially expect. Thanks.:o

Depth_Charge

Island1 wrote: »

Anyone who can give me an idea please. I am 61, have £75000 of debt, 12 creditors, not a home owner, am a sole trader, so first am I likely to even get an IVA? secondly, what is the likely monthly amount they would initially expect. Thanks.:o

Hi

Much more information would be needed to realistically and sensibly guide you further

Could you put up your SOA?

How secure and sustainable is your self employment?

Have you had advice on other potential options such as bankruptcy?

Best Wishes

UpToMyNeckInIt

Good advice as usual DC.

Island1: I'm sure you could get an IVA.

But: Worth a look at this website (set up by a CAB advisor), which has about the easiest to read comparison of IVA with BR:

http://debtcamel.co.uk/hard-choices/iva-vs-bankrutcy/

I say that because, based on the very limited information, if you have no significant assets to protect, BR may be a quicker solution.

Research all your options thoroghly.

Good luck.

National_Debtline

UpToMyNeckInIt wrote: »

http://debtcamel.co.uk/hard-choices/iva-vs-bankrutcy/

I must say that is an excellent read. Very objective.

David.

Island1

Thanks folks, will put up an soa & look at the liink.

Find_The_Real

Given that you are not a home owner and although 61 is not a barrier to an IVA, personally I would be thinking in terms of retirement by that age and so do you really want to or can you afford to be paying for an IVA for the next 5-6 years?

Trying not to be too negative but what if you suffer ill health, the business doesn't do too well (especially if the business has so far been the cause of the debt) etc, it is a long time to commit as opposed to BR. If the business is just ticking over at the moment you may not even get an IPA.

I can understand your reasons if you are not comfortable with BR but I think you have to be realistic and consider what is more practical in your situation. Good luck.

National_Debtline

To see how things are going you might find it useful to complete a self-employed person's financial statement. There's one on our sister organisation's website:

http://www.bdl.org.uk/contenten.asp?cid=19

Best wishes,

David @ NDL.

Depth_Charge

Island1 wrote: »

Thanks folks, will put up an soa & look at the liink.

Hi

A couple more useful links below from CAB & Stepchange

http://www.stepchange.org/

http://mymoney.nedcab.org.uk/moneyadvice/

You can never get too much advice

Carefully consider all your options and solutions.

Best Wishes