please dont use a company that cold calls you or charges upfront fees! if an iva is an option you want to explore do some research and read some reviews then seek advice from 2 or 3 providers before you decide who to use. all ivas have fees but these will be paid out of the money you pay to the iva. There should be no payment in advance!
Can i ask do you have any assets? and how much debt you have?
No asserts, i private rent, no cars or anything worth much, i owe around £17,000 mark. All the debts are a good few years old, i was going through CAB but mine has now closed down, the nearest now is 11 miles away but i can never get an appointment.
I've googled it, i've seen good reviews but also a couple of bad ones.
the main reason people do an iva rather than bankruptcy is when they have assets to protect, if you have no assets why not just declare yourself bankrupt? is there anything that puts you off bankruptcy? x
Debt relief order, that was it i'm going to sit down tomorrow and go through all my debts, i think some letters i have are the same debt but different collectors, if i can get it below £15k then i'll go for a dro, IYO is bankruptcy better option than an IVA?
Thats a good idea because if your debts are under £15k a Dro is a better option and will cost you only £90 but if your debts are more than £15k and you have no assets you could consider bankruptcy which will cost £750 but you can get some discount of upto £125 if you are in working tax credit. An iva can last 6 yrs if you are paying a low amount back and you have nothing to lose in bankruptcy! speak with stepchange or payplan once you have worked out your debts as they can process a dro for you and give bankruptcy advice
I'm on debt management plans but because there are so many debts im only paying a small amount of each, between £1-£4 per weeks. It costs me £300 per month. I cant afford to do it anymore, an as its such small payments it doesnt even touch the interest. So nothing is actually coming off the debts.
have a sort out today and pop back on later to let us know how much debt there is or if using a debt management company ask them to get upto date balances for you once you have that you will be in know if you can do a DRO x