DMP, IVA, any help appreciated

katniseverdeen

Hi. The balance is feeling like it’s at tipping point. We have spent stupidly for years and have never known how to budget. All together we have around £46k of debt and are in the midst of a financial crossroads. Don’t know the best way forward so any advice is greatly received. I will post my SOA when I get them all together. 

Thanks for reading. 

RAS

Have you spoke to a debt charity?

Do you own a house, or any other significant asset like a Dali on the walls?

What is the split between you, partner and joint debt?

sourcrates

As a basic rule of thumb, if a debt solution is required for your debt of 46k, and you own a house, then your choice is between debt management and an IVA, which is best will depend on a number of factors, your income/expenditure/your job etc.

If you are not a homeowner, then the choice is between debt management and bankruptcy, which is best will again be circumstance dependant.

RAS

If either of you has a total less than £30K debt, from sole debt and joint debt, other options may be available.