I'm in a ridiculous amount of debt, due to both an ongoing court case which cost thousands, and losing my job towards the end of last year. Always live within my means apart from these issues.
I've spoken to a debt charity, who have suggested the best course of action is an IVA. They have offered an affordable payment and I get to keep my home and car.
This seems like a very scary step to make. It will give me about £800 for household expenses once bills are paid. Carrying on as I am will leave me with about £300.
Part of me feels guilty for not paying what I owe, but I can't carry on like this for another 6 years. I can't extend any current loans to make the payments cheaper.
On the flip side, do I want to be tied into such a rigid plan for another 5-6 years? If I get a new job with much better pay, will I end up worse off?
I don't know what to do.