IVA Application

SXXRS

Hello, 
Please bear with me, this is my first post. 

I currently owe just over £24,000 in debt. I am paying these on time every month for the last 2 years', however more recently it's becoming overwhelming as I am paying out £1100 a month of my monthly earnings with no leeway to do much more after that including savings. 
I've spoken to debt advisors and they've told me an IVA would be my best route bringing down the costs to just £150 a month, saving me just over 900 pound per month. I would be so much more happier with this! 
I have tried alternate routes: a second job, selling personal things, contacting the companies to reduce interest and explain my circumstances but little luck in anything. 
I am seriously deprived with sleep and it is now affecting my mental health. I'm hardly eating, sleeping 2 hours most per night, strain on my relationship.
I feel this is my only option, as I've been told by 3 other debt advisors and my bank advisor. 

I am currently 22 years old with hopes of being debt free before I'm 30, and the IVA will be the only option I have to achieve this. 
HELP!! 

Grumpelstiltskin

HOLD ON    Who exactly have you spoken to?

My guess an IVA salesman..

DO NOT agree  to anything until you have spoken to one of the Debt charities.

It's 99% sure an IVA is NOT the best way forward for you.

Grumpelstiltskin

Read this first.

IVA & DRO Board Sticky — MoneySavingExpert Forum

Grumpelstiltskin

Looking at your post on Debt Free Wanabee I think you should be able to see that yuor car is your problem.

sourcrates

The problem with an IVA is that you have to keep paying it for up to 6 years, so your income must be stable, and you need a hell of a lot of patience, as its a very long time to be paying off debt.

The poster above hits the nail on the head, your not supposed to have a flash car when your in debt, without the car, its likely you would qualify for a debt relief order, which would all be over in a year, but your car can`t be worth more than 2k, how old is the beemer ?

SXXRS

Thanks all,
I’ve spoken with StepChange and a few independent debt charities, who have all advised similar.
My car was the first thing I had, then it broke down, beyond my pay, so forced into a loan. It’s been a vicious cycle since. 

2016 3 series. 

sourcrates

IVA`s are designed with assets in mind, so you should be able to keep the car, but you must double check this is the case before you agree to anything.