There are all kinds of companies out there who "quote" you a figure but seriously - that is a sales pitch which won't last much longer than the first couple of calls and certainly won't be accepted by creditors.

The only way to calculate the correct amount available to your creditors is by taking a full household income and expenditure.

You need to be really thorough and you need to speak to a trained advisor at a reputable organisation.

Speak to several organisations and if you want a second opinion on any advice you are given phone a charity like Debt Advice Foundation. We won't give you a sales pitch.

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you're considering entering into an IVA, Debt Advice Foundation provides a free, confidential helpline and can advise you on whether you qualify. Click here to find out more.