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Debt advice please
lilybleadon
Posts: 15 Forumite
I have recently been in contact with the citizens advice bureau. Basically i am in about 41K worth of debt unsecured. i also have my property which has a 100% mortgage and a secured loan on this for about 25k. basically im screwed at the mo.
i earn about 25k basic plus another 10 with over time.
Ive spoken to payplan as this is who the citizens advice suggested i used. They have told me i can either do a debt managment system or an IVA. The IVA would take about 6 yrs to complete and debt managment would take at least 11 with no guarantees that it would be agreed to.
I have set out my budget not including my overtime and have found that i would have about £300 left over for payments. I have talked to payplan and they have agreed with my budgeting.
i am seriously considering an IVA as i worry that with a debt managemnet plan i would just never really get myself out of debt. i know its going to mess my credit scoring up but i have tried to sort myself out before and got myself back into debt (about twice over).
The other thing is if i went for an iva would i still be able to have any savings? if i earned more one month, do i have to declare this or can i put any into my savings?
Any advice anyone can give me would be great
i earn about 25k basic plus another 10 with over time.
Ive spoken to payplan as this is who the citizens advice suggested i used. They have told me i can either do a debt managment system or an IVA. The IVA would take about 6 yrs to complete and debt managment would take at least 11 with no guarantees that it would be agreed to.
I have set out my budget not including my overtime and have found that i would have about £300 left over for payments. I have talked to payplan and they have agreed with my budgeting.
i am seriously considering an IVA as i worry that with a debt managemnet plan i would just never really get myself out of debt. i know its going to mess my credit scoring up but i have tried to sort myself out before and got myself back into debt (about twice over).
The other thing is if i went for an iva would i still be able to have any savings? if i earned more one month, do i have to declare this or can i put any into my savings?
Any advice anyone can give me would be great
0
Comments
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Hi - there's an IVA sub-board. If you post on that they can answer IVA-specific questions.
Although Payplan are one of the better debt help organisations and will set up dmps free of charge, they would charge for IVAs because they act as an Insolvency Practitioner. I find they do tend towards recommending IVAs. It might be a good idea to get another opinion, maybe National Debtline.
Did CAB suggest an IVA?
Do you have equity in your property?
Best of luck with whatever you go for...0 -
Board guides please can you merge this with the other post on DFW by the OP? Thanks.0
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