Scared to death

Evening_Star

Hi,

I have recently found this forum and have taken comfort in knowing that others are in a similar situation.
I am currently about £54,000 in debt on student loans loans and credit cards :eek:

This has built up over a couple of years of meeting all payments and living off credit.

I recently got some advice from Your Clear have any of you dealt with them? They suggested an IVA and have proceded to send all the paper work through to me.

Do any of you have any experiance with IVA's. Before you all shout at me I am not trying to ignore my debt or not pay it off this is the advice I have been given.

What I am worried about is if the IVA fails can I still do a DMP?

I am worried because the amout suggested from them to be the payment is less than one of the loan payments.

Can any of you offer any advice from your vast experiances?

headchef

Hi Evening Star
If this 'You Clear' is charging you to arrange the IVA - DON'T USE THEM!! There are organisations such as PayPlan and CCCs (keep forgetting how many C's) who are free and impartial. Every penny you put towards and IVA should go to clearing your debt and with PayPlan that is exactly what happens. I don't have a link but even a google search should bring them up.
By the way, post a SOA on here and we can help with your budget. we are all in the same boat to a greater or lesser degree.

Little_Miss_Winner

Hi and welcome! :hello:

I agree with headchef, please do not pay anyone any more money tyo help you clear debt, not heard of *Your clear*, but would watch if they charge a fee.

Please post a list of all your incomings, minus your outgoings, and will assure you you will get loads of replis. There could be loads more money to throw at your debts, if you can arrange/switch to lower providers etc....

Well done for doing this post!

regards
pot

Evening_Star

They have advised that money is always taken from the IVA for the cost of the insolvency person and some of this is going to your clear but they are not asking me for any money directly. Will call CCCS tomorrow and see what they say.

Evening_Star

Will post a statement of affairs ASAP for you all to have a look at I don't think there is any where I can cut down it is pretty tight.

jobbingmusician

Take heart, people on here are BRILLIANT at saving money - most of it without too much pain

The ONLY people worth using are CCCS and PayPlan - they are both charities set up to help you settle your debts. All the other people (AFAIK) are in the business to make money out of you. I'm delighted you're going to call CCCS - if you look at other posts on this board you will discover that people feel MUCH better after talking to them (and PayPlan I mean. I don't think there's much to choose between the 2 of them. Everyone seems to love the one they are using )

Good luck and keep us informed!

crystal_clear

Just a quick note !!
I dont think CCC's deal with IVA only DMP were as Payplan do have the ability to deal with both IVA and DMP
Hope this is some help

Xbigman

Evening_Star wrote:

Will post a statement of affairs ASAP for you all to have a look at I don't think there is any where I can cut down it is pretty tight.

54,000 is a lot of money. What action you take is heavily reliant on your income and basic living expences. A DMP is suitable if you have a minimal amount of money to use for debt repayments. An IVA is a much more formal agreement and is most effective if you have a good amount of money to throw at it or there is a property involved that you can use some equity from to boost up the IVA repayment once the IVA payment period is over.
Given the amount of money you owe bankruptcy is an option that should be seriously considered.

Note that if you go to a fee charging insolvency service they will not usually advise anything but an IVA because that makes the most profit.
Regards




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