IVA

[pinkyp]

Has anyone had one of these? Any advice? Ive been told this is the only option me n my ex have to clear off credit card debts

Please please please have a look at one of the debt charities such as CCCS or national debtlines website. They are free and very good.

Also moneysavingexpert.com is fab.

I do, it isn't as easy as it seems - well it is in some respects not in others.

Depends how big your debts are and amount of disposable income you have (once your essential, according to pre-set limits outgoings are considered).

Debt management plans are also possible but depending on the level of debt, you could be paying for a very long time. Bancruptcy is also possible, but if you have any disposable income you could still havd to pay an amount gor up to three years I think. You also lose any assets and it could affect your job.

An IVA lasts for 5 years and ruins your credit rating, although not paying your debts and potentially being taken to court gor their repayment would do the same of course. You can keep your house although after 4.5 years its value is reassesed and if it does give an amount of equity, this would be possibly due to the creditors.

You can also negociate with individual creditors. Both this and DMP aren't legally binfibg whereas an IVA and bancruptcy are.