IVA

LastResort20

My debts totalling £45k - low income single parent amount left over around £110. 

I have done all the budget forms on step change and national debt advice website. 

Recommended is IVA followed by bankruptcy, as I don’t have 600 odd for the fees I am waiting on a call from step change about the IVA. 

Does this sound like the right option for me? I have one asset which is my car it says online it’s worth around £4000, which I need for getting to university and school/nursery run. 

I felt quite relieved but then not? After reading about IVAs on some forums which has put me back at square one of full blown panic and anxiety. 

Grumpelstiltskin

Do you have a mortgage?

Important to know

Martico

By the sound of it (one asset = car) I imagine they may not. 
OP - IVAs are not normally recommended for people without significant assets to protect. There are explanations in this annoucement sticky
I'm sure someone else will be along soon to add more

LastResort20

No I have no mortgage 

Grumpelstiltskin

OK With no mortgage to protect an IVA is usually NOT suitable.

Be very wary of jumping into something that is not the best way forward.

fatbelly

An IVA is bankruptcy for those with an asset to protect. Usually a house though in your case you are trying to protect a car worth £4000.

Now the reason we often prefer bankruptcy over IVAs is that you pay your surplus income over 36 months rather than 60, thus saving 24 months of monthly payment. That is probably going to be more than the 2k you are trying to protect ( max car value in bankruptcy is 2k,, not a problem in an iva).

I suggest that you talk to stepchange about the iva and see how you get on. If they are going to pitch a low monthly payment, and you can be fairly sure you won't be getting a windfall in the next 5 years, it could work.