Yes suspensions are repairable but it depends on how much work is required. If major, then I will suggest replacement.
Bushes are the anti-vibration mounting which helps suspension parts to move. And yes worn bushes are responsible for the "Ajeeb or Ghareeb awaz" particularly when you drive through potholes or uneven road it sound "Khrrr Khrrr". In your case, it sounds like you have ignored this issue from sometime which has further led to the incorrect geometory of wheels and in some cases it is involved in excessive tyre wearing and instable braking.
I m unaware fixing cost, I will update if I visit my mechanic today.