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£4K in debt on credit cards
wulfhere
Posts: 116 Forumite
Hi, I'm currently £4k in debt on my credit cards. I've managed to move the debt on to cards which have 0% and so by making the min. payments, I'm able to slowly chip away at the debt with my small income. However, I'm finding it very difficult.
According to ML's guide, the IVA route is not available to me because it requires a minimum of £20K debt. Also, there are significant fees in setting up IVAs.
However, I did hear from somewhere else that an IVA would be available to me and that I'd be able to arrange a nominal amount to repay every month (let's say £5) for 60 months. This seems to contradict what ML stated.
Do I have any other options? Thanks.
According to ML's guide, the IVA route is not available to me because it requires a minimum of £20K debt. Also, there are significant fees in setting up IVAs.
However, I did hear from somewhere else that an IVA would be available to me and that I'd be able to arrange a nominal amount to repay every month (let's say £5) for 60 months. This seems to contradict what ML stated.
Do I have any other options? Thanks.
0
Comments
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how about a DMP with PAyplan or CCCS?0
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Not heard of DMP with Payplan.
As for the CCCS, they would just tell me what I already know, right.0 -
post your SOA maybe we can help you cut down in some areas.
A DMP or IVA is for people who aren't able to meet the min payments. On an IVA monthly payments are agreed through the courts I think.
Payplan - https://www.payplan.com0 -
Hi Wulf. It will be well worth a call to payplan or cccs you may be surprised at what you don't know and at the free help and advice that is available. Myself I am with payplan and cant speak highly enough. If you have a look at there website (link in post above) you could have a helpful call from them within a day. For me it was the best thing I did in 2008. Good luck and welcome to the site !0
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Like I said in my first post though, I've managed to get the debt at 0% and continue to make the minimum payments. Over and above that, there's no other action available to me...is there?0
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use the snowball calculator to work out when your debt free date is, throw as much as you can at your debts, when does the 0% run out.
Honestly I don't think you qualify for a DMP.
You have it better than a lot of people on here who do not have 0% interest
I see this as you wanting a way of not paying the min payments.0 -
There is nothing for you if you can meet the minimum payments.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
Have you tried reclaiming any bank charges or credit card charges?After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91
Dad Gift 6k ¦ Savings & Inv Tst: £2,500
Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0
Total Owed: £2,270 (+6k) 11/08/20110
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