Rules on a iva must i be employed?

Question

I currently have a DMP operating with payplan but desperately want a IVA because my debt is £60000 and i only get state sickness etc benefits and it seems no provision for a IVA can be made unless i find a job over 16 hours a week, i'm 57 years old and getting a job is gonna be difficult and if only low wage my creditors will end up getting less then i can pay now, what can i do stop this problem which i know i stupidly created myself.

Answer 1

Maybe bankruptcy is a better solution to a £60,000 debt then an IVA.                   Its only a few years and you'll be at retirement age, do you really wanna pay a hefty IVA while yourgoing into retirement??

Answer 2

Have you been to the Citizens Advice Bureau? If not then it's worth a visit to see what options are open to you. There is, of course, the ultimate action you can take - bankruptcy - but this is not something to enter without having evaluated all the disadvantages. Again, the CAB will be able to give you advice about this.

Good luck.