IVA the way to go?

[BoredAdminGirl]

Can someone provide me with more information about entering into an IVA? I dont even know if I am eligible.

My debts amount to around £6000, maybe a little more. I have no house and a very cheap old banger so no assets.

However, the problem is this.

I actually work for an enforcement company, would I HAVE to declare my IVA status to them?

I would check your contract and handbook, but I believe you would need to declare it.

It may be possible to continue working with an IVA, but I know bankruptcy is a barrier, so I believe you need to discuss it.

Have you had a chat with debt support agencies like Stepchange?

An IVA is a really big step and isn't to be taken lightly, particularly if it might affect your job too. There might be a better way to clear the £6k, eg by entering into a debt management plan, which still affects your credit file but not so drastically.

If it's not specifically mentioned in your contract or company handbook/ policies then you shouldn't have to disclose it but, if you ever want to change jobs then it might be a problem

Have you considered a DMP?

Could you not get an un-secured loan?

That's quite a small amount to go through an IVA for.

If your debts are on credit cards - get a 0% - virgin are doing a 24 month interest free transfer offer - and swap the debt onto one card.

I have had an IVA. Definitely not something to undertake lightly. I think, although I'm not sure that your debt isn't high enough to be eligible anyway as I believe you need £15,000 of debt to be able to get one.

What sort of creditors do you owe? Is the amount static or increasing? Are you needing to take out more debt in order to live day-to-day or can you see yourself being able to pay it off at some point?