In serious trouble. Is an IVA a solution?

[Honey Monster]

Hello all.

 

I'm hoping for some advice. Over the last few years, I have found myself increasing in debt (various catalogues, credit cards, overdrafts and a personal loan).

 

Towards the end of 2014, my long term relationship broke down and (stupidly) all debts are in my name. In addition to this, in early 2015, I was diagnosed with with a life long medical condition that meant that I missed around 8 months of work during the last 15 months or so. I have now found suitable medication to control my disease and am back in my full time job . Everyday I receive letters from one debt collection agency or another and to be honest, I have been stupid and just bin most of them. I now feel I am in a place mentally and physically to deal with this massive mess and am hopoing for some guidance really.

 

I am a registered health care professional (not a doctor or anything that well paid - my net pay is £1350 per month) but was worried that declaring myself bankrupt would affect my ability to register with my professional body and as such, came across something known as an IVA. It seems to be something that could be of great help to me but there are so many companies out there offering it, Im not sure if it is something that can be trusted.

 

Thank you for taking the time to read and for any help.

[fkofilee]

Its possible, but its not something that is easily discussed.

List your debts, and who they are with at the moment.

 

If they dont have a CCA you dont pay until they do.

[citizenB]

We do need some history of the debts.

 

When did you enter into the agreements - before or after 2007

What is the level of debt overall.

 

Do you know if there are any default/penalty charges on the accounts

Do you have Payment protection Insurance on any of the debts, especially the personal loan.

 

IMHO, an IVA is NOT the way to go. A lot of caggers have told us they have entered into an IVA, only for it to fail within the first year, leaving them worse off.

 

If you could answer the questions above, we will be able to advise further.