IVA or bankruptcy?

[Goelondon77]

Hi. I like to ask your advice please guys. I am 20 years in London and first time in trouble . I am self employed security guy,I have debts on 2 banks 30-35k and I can t pay anymore. My wife with the baby in Russia gone last year I just can t pay anymore,is to much for me alone. I like ask what can I go for IVA or bankruptcy ??? I have no house or car or something else. Before I do 4-5 k per month ,now all I do is 2.5 k per month. Please guys advice me what to do,IVA or bankruptcy ??? Thank u very much. God bless u guys!

[Goelondon77]

Guys if you have any number to call for AVA let me know please. Thank you

[atticus]

I am sorry to read this. Take a few deep breaths. You need to think clearly and not act in haste.

I recommend you to consult an adviser at either Stepchange (https://www.stepchange.org/) or your local Citizens Advice Bureau before you do anything else.

My own view, based on experience of dealing with these cases, is that an IVA has to be the very last resort. It is not the easy solution that the sharks who peddle these things suggest. You will be tied down to a tough payment regime for 5 years.

[Goelondon77]

Thank you very much!