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IVA advice required please

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I have about £30-35k debt on 6 credit cards & I own a house.

Last year I got into difficulties and couldn’t afford the minimum payments, so was borrowing from 1 card to pay another, I knew it was a bad thing to do, but I couldn’t see any other options and was worried sick, I felt this was my only option.

Eventually I took advice & about 6 months told the credit card companies I couldn’t make the minimum payments and have made token payments. Some accepted this position others MBNA Halifax & Barclays wouldn’t.

At that time the CCCS couldn’t set me up a DMP as I had no spare money.

No I have started to change things, my house is rented & I am paying the mortgage again. I rent a room in another house so my living are lower & I now have spare cash and want to sort my debts out.

I went back to the CCCS and the offered a DMP however its £180.00 p/m for 16 years !!!!!!

I need to do something positive now, some of the debts have now been passed to debt collectors.

I have seen these IVAs advertised, on the face they seem a good option. I could just about afford to pay the £180.00 per month but not for 16 years.

Can anyone advise me on what my best plan would be ?


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To clarify, you live in rented accomodation, but own a mortgaged property which you are renting out?

The IVA is a good option. You would need at least £100-£150 surplus, and show that you are not able to repay your debts in full within 5 years. You would need to make an offer to your creditors of at least 15%, as a return over the 5 year period. A lot of IVA companies charge fees, so watch out for these, however companies such as Payplan, CCCS and Debt Free Direct are recommendable. It is worth looking into. If you maintain your payments for 5 years, the remainder of your debt will be written off, and you would be debt free after 5 years. It is on your credit rating for only 6 years and then wiped clean. Take a look at the following website for more info:



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thanks for the info

Yes I do own a house thats rented out, negative equity so I cant sell if I wanted to. I am renting a room in a separate house to bring my living costs down.

I am aware their are plenty of sharks and ambulance chasers about, so any information is appreciated.

I was also advised to use a company called Cleardebt for an IVA

Has anyone used these at all ?



Can you CCA after an IVA is set up ?



Edited by Uncle Sams On Mars
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