Some Advice on a Pile of Debt

Debt_Mountain

Hello all, I am new to this forum, so bear with me.

I am currently in a job earning a good wage on around just over £50k a year. Last year I split from my partner and have a pile of debt from ignoring a problem over some years, as I have only been on a good wage for the last few.

I owe approaching £60k on loans and cards, and though I do have equity in the house I only have around 85%. I pay off the bills each month, and have only ever missed one repayment, but depsite this nothing seems to be going down as the interest is so high, and I can't see a way out of this.

I am curious about an IVA, i want to repay my debts and if they were frozen and paid back over 5 years, this gives a realistic path. Is this a sensible route to go down?

If I paid back the full amount of 60k, that's £1000pm. At the moment that seems to be just the interest and some capital on my present situation.

Your thoughts, thanks, I just want to get this right so can move on, and do want to pay as much as I can.

Thanks.

RAS

hi

You need to talk to one of the debt charities and see what is possible http://www.moneysavingexpert.com/loans/debt-help-plan#help and do read Martin's IVA Guide.

I would also suggest posting an SOA on the DFW forum and asking for advice as it may be possible to sort somthing out without wrecking your credit rating.