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considering my options
Options
Hi I am in a bit of a predicament at the moment.
I currently have a bout £16000 worth of unsecured debts:
About £8150 outstanding on an Egg loan (which I have already defaulted on due to them coming to an arrangement whereby they have frozen the interest and changed my original payment of £355 a month to £127 a month.
About £2250 outstanding on a Marks & Spencer&More credit card. The interest rate is 18.9%
About £2000 overdraft outstanding on a Natwest graduate account - I am due to start paying interest on this before the end of the summer as the interest free amount will drop down to £1000 and I haven't paid much off this.
About £1650 outstanding on a Sainsburys credit card. The interest rate is 15.9%
About £1000 outstanding on a HSBC graduate account - I am due to start paying interest on this before the end of the summer as the interest free amount will drop down to £500 and I haven't paid much off this.
About £450 outstanding on a Mint credit card. The interest rate is 19.14%
About £260 outstanding on an Egg credit card. The interest rate is 17.9%
Finally I've got a Topman store card with about £200 on there. The interest rate is a bout 23.9%
I am currently overdrawn by £250 out of a £300 limit with my current account through Smile (Co-Op Bank).
I have done the snowball plan which I think could be useful for me in a couple of months time however, right now I am in the middle of moving - I am due to move next month and so, I need to find 5 weeks rent as deposit, a months rent in advance and an agency fee between then and now and so, the snowball plan is not viable right now.
I am after a bit of advice really: I already have a default notice on my credit file due to the agreement I have with Egg regarding my loan and so, I am wondering would it be worth applying for an IVA as I feel that I am getting no where with the rest of my debts - they do not seem to be coming down at all and after I have paid the minimums + about £10 on top of that, I seem to have about £50 left in my overdraft for the rest of the month.
Would an IVA be a good idea since my credit is affected already by the default notice? Is it likely to be accepted by my creditors (I think you need more than 75% of them to accept) as some of them - the mint, egg and topman cards only have balances of less than £500? Will the IVA affect my eligability to obtain credit in 6 years time with the same lenders?
I have recently started a 2nd job to get a bit of extra money which should hopefully bring in an extra £200 a month but I am not sure exactly when I get paid by them.
Trying to get something sorted soon really and any advice is much appreciated!
I currently have a bout £16000 worth of unsecured debts:
About £8150 outstanding on an Egg loan (which I have already defaulted on due to them coming to an arrangement whereby they have frozen the interest and changed my original payment of £355 a month to £127 a month.
About £2250 outstanding on a Marks & Spencer&More credit card. The interest rate is 18.9%
About £2000 overdraft outstanding on a Natwest graduate account - I am due to start paying interest on this before the end of the summer as the interest free amount will drop down to £1000 and I haven't paid much off this.
About £1650 outstanding on a Sainsburys credit card. The interest rate is 15.9%
About £1000 outstanding on a HSBC graduate account - I am due to start paying interest on this before the end of the summer as the interest free amount will drop down to £500 and I haven't paid much off this.
About £450 outstanding on a Mint credit card. The interest rate is 19.14%
About £260 outstanding on an Egg credit card. The interest rate is 17.9%
Finally I've got a Topman store card with about £200 on there. The interest rate is a bout 23.9%
I am currently overdrawn by £250 out of a £300 limit with my current account through Smile (Co-Op Bank).
I have done the snowball plan which I think could be useful for me in a couple of months time however, right now I am in the middle of moving - I am due to move next month and so, I need to find 5 weeks rent as deposit, a months rent in advance and an agency fee between then and now and so, the snowball plan is not viable right now.
I am after a bit of advice really: I already have a default notice on my credit file due to the agreement I have with Egg regarding my loan and so, I am wondering would it be worth applying for an IVA as I feel that I am getting no where with the rest of my debts - they do not seem to be coming down at all and after I have paid the minimums + about £10 on top of that, I seem to have about £50 left in my overdraft for the rest of the month.
Would an IVA be a good idea since my credit is affected already by the default notice? Is it likely to be accepted by my creditors (I think you need more than 75% of them to accept) as some of them - the mint, egg and topman cards only have balances of less than £500? Will the IVA affect my eligability to obtain credit in 6 years time with the same lenders?
I have recently started a 2nd job to get a bit of extra money which should hopefully bring in an extra £200 a month but I am not sure exactly when I get paid by them.
Trying to get something sorted soon really and any advice is much appreciated!
0
Comments
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Hi I am in a bit of a predicament at the moment.
I currently have a bout £16000 worth of unsecured debts:
About £8150 outstanding on an Egg loan (which I have already defaulted on due to them coming to an arrangement whereby they have frozen the interest and changed my original payment of £355 a month to £127 a month.
About £2250 outstanding on a Marks & Spencer&More credit card. The interest rate is 18.9%
About £2000 overdraft outstanding on a Natwest graduate account - I am due to start paying interest on this before the end of the summer as the interest free amount will drop down to £1000 and I haven't paid much off this.
About £1650 outstanding on a Sainsburys credit card. The interest rate is 15.9%
About £1000 outstanding on a HSBC graduate account - I am due to start paying interest on this before the end of the summer as the interest free amount will drop down to £500 and I haven't paid much off this.
About £450 outstanding on a Mint credit card. The interest rate is 19.14%
About £260 outstanding on an Egg credit card. The interest rate is 17.9%
Finally I've got a Topman store card with about £200 on there. The interest rate is a bout 23.9%
I am currently overdrawn by £250 out of a £300 limit with my current account through Smile (Co-Op Bank).
I have done the snowball plan which I think could be useful for me in a couple of months time however, right now I am in the middle of moving - I am due to move next month and so, I need to find 5 weeks rent as deposit, a months rent in advance and an agency fee between then and now and so, the snowball plan is not viable right now.
I am after a bit of advice really: I already have a default notice on my credit file due to the agreement I have with Egg regarding my loan and so, I am wondering would it be worth applying for an IVA as I feel that I am getting no where with the rest of my debts - they do not seem to be coming down at all and after I have paid the minimums + about £10 on top of that, I seem to have about £50 left in my overdraft for the rest of the month.
Would an IVA be a good idea since my credit is affected already by the default notice? Is it likely to be accepted by my creditors (I think you need more than 75% of them to accept) as some of them - the mint, egg and topman cards only have balances of less than £500? Will the IVA affect my eligability to obtain credit in 6 years time with the same lenders?
I have recently started a 2nd job to get a bit of extra money which should hopefully bring in an extra £200 a month but I am not sure exactly when I get paid by them.
Trying to get something sorted soon really and any advice is much appreciated!
My advice is to go and get some advice about whether a DMP or an IVA would be suitable. There seems to be some basic guidelines which determine the best cuase of action.
One thing is for sure, IF YOU CHANGE NOTHING, NOTHING WILL CHANGE.
Debt is consuming and gets worse if you let it get out of control. Sounds as though you are reasonable young. So I would of thought its better to get it sorted now rather than later.
Good luck0 -
hsbc hold 68% of the vote, chances they will reject as m&s is with hsbc plus the overfdraft and loan they vote via TIX(the insolvency exchange), worth a chance no harm in trying but likely to get rejected if it fails try BR and they will want a min of 40p dividend for an ivaAqua card - £250 Limit up to date, Jd Williams £150 limit up to date, Argos store card £400 limit up to date, Next £300 limit up to date.:beer:0
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