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Is an IVA my best option
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Time_to_sort_this_out wrote: »I have approx £36k of debt, i am currently working in a temp role and am living with my partner in a rented house.
So you have no assets and it doesn't sound as though your job would be at risk if you went bankrupt.We are looking to have a child in the next 2 - 3 years, if this was to happen how would it affect my IVA?
An IVA is NOT a flexible arrangement. Planning a major life change such as having a child in 2-3 years is not compatible with having an IVA. Your income will fall and your expenses will rise.
From what you have said, you should be looking at bankruptcy. You will probably get an IPA for 3 years, but if you have a child in that time, then the IPA will be decreased, possibly to zero.
UPMNII recommended the Debt Camel site, that has a lot of sensible discussion on bankruptcy and IVAs and how to choose between the too.0
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