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DMP, IVA, any help appreciated

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katniseverdeen
katniseverdeen Posts: 13 Forumite
First Anniversary Combo Breaker
in Debt-free wannabe
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. 

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  • RAS
    RAS Posts: 32,953 Forumite
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    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?
    The person who has not made a mistake, has made nothing
  • sourcrates
    sourcrates Posts: 29,173 Ambassador
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    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.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • RAS
    RAS Posts: 32,953 Forumite
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    If either of you has a total less than £30K debt, from sole debt and joint debt, other options may be available.
    The person who has not made a mistake, has made nothing
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