Iva or Bankruptcy?

[tommyl18]

Hi looking for some advice please.

I'm not currently in a situation where Im missing payments or have bailiffs knocking at my door but I'm planning ahead of what's to come.

I have £40,000 of debt combined with a sole trading bounce back loan, personal credit cards and bank overdraft.

I just don't seem to be making a dent in the overall balance and in 12 months time my creditcards will finish the interest free period and it will be game over. I have good credit but because of my amount of borrowing I can't get any more credit to consolidate it's just a viscious circle.

I've looked into Iva but I'm put off by the high ongoing fees, the long period of time to end and the restrictions over 6 years.

I've looked into Bankruptcy but I'm currently now a director of a company which will have an impact.

I don't own my own property I currently rent.

I'm also worried the impact both of these would have on my family that I live with

[atticus]

Do not make your decision without good advice. The Insolvency industry is full of sharks, although there are some good people. IVAs are best avoided like the plague.

I strongly recommend you to consult a debt adviser at a charity such as Stepchange or at Citizens Advice.

[tommyl18]

Thanks. I'm going to see step change at some point buy I wanted to start getting my affairs in order before hand