iva or debt management

[chrishu]

i owe �20500 - i could spare �400 per month what is best for me, iva or dept management - i believe iva's involve fees please help with company names , suggestions anything

please help

[Mrs_Pegasus]

You may well be in a position to avoid the IVA route which I would steer well clear off if you can.

Can I advise chatting to www.cccs.co.uk

[miss]

I would suggest getting a consolidation loan for the amount and paying one monthly payment over the years you choose or if you can afford try and see if you can fix it at �400 per month. Try and get one with the lowest interest rate. I believe Northern Rock are quite good.

[scorpio61]

Firstly, I'm presuming you don't own any property and that you have defaulted on at least one of your payments. That rules out a loan, end of story.

Debt management would be the best route if your future is uncertain. If you are likely to get a pay rise, get married, get divorced, get fired or anything else that could affect your income, steer clear of an IVA.

Debt management or managed accounts are the most flexible way to clear your debts provided it can be proven through a financial statement (FS) that the money you can afford is less than that which the creditors are asking you for.

I am a debt practitioner by trade specialised in IVA's and Trust deeds, I run a solutions company, if you want more info go to our webpage www.chambersmoore.co.uk or call me on free phone [phone] (ask for Pete) and I'll fill you in on what you need to know before you make your decision. And no, we don't charge for giving advice and we don't do pressure sales!! (I also don't do Friday afternoons so you'll have to leave it until Monday I'm afraid, sorry)

Good luck whatever you decide to do.

[chrisdavis10]

If a person is Insolvent, ie they cannot pay their debts as and when they fall due, then they are insolvent. In such circumstances the law affords a person 2 options - bankruptcy or an IVA - an Individual Voluntary Arrangement.

Please contact my company The Debt People on 08000 285 286 or visit www.thedebtpeople.co.uk

We are a firm of Insolvency Practitioners. We will not charge a fee for initial advice and after a free discussion we will be able to advise you of the way forward which may be an IVA or may be another option.