IVA or not?

Perfume_2

I'm really not sure what to do? I've had some advice and been given 3 options to clear my debts.

£47k debt and I earn £20k a year, no assets.

3 options are; 1. 'muddle through' 2. BR 3. IVA

I would really like some advice about what to do?

Thank you :rotfl:

chez000

Currently how able to make the minimum payments are you ?
and who have you recieved the advice from, has it been for example, CCCS, or a Citizens Advice Bureau?

after all basics are paid how much disposeable income do you have?
with bankruptcy theres a good chance you caould have to make payments for up to 3 years as part of an IPO or IPA, and with an IVA you would be paying again, a large part of disposable income for between 3 and 5 years.

As youve no assets guess it would come down to which was going to work out cheaper for you.

Also bankrutpcy fee is around £505, and IVA fee at least £2000