IVA - General and Immigration Advise

[rockstar205]

Hi friends,

I'm a naturalized UK citizen. Unfortunately, I have a lot of financial problems/debt (not caused by gambling or bad habits) and most of my monthly outgoings are towards the interest/charges. CAB advised me to go for an IVA as DRO doesn't apply to me due to already having a job. My debt is not too bad maybe less than £7500 which over the next few years I can repay with interest (hopefully) but is it worth taking IVA?

I've been told IVA is not bankruptcy so could you also advise how it actually affects the future family visitor visa's as parents might want to visit UK to see the family here.

Thanks in advance.