IVA & The Future

StevieG1988

Hi guys,

I have been a bad situation with my money for the past year. I have run up a total of approximately £3,800. I was looking to get a consolidation loan so I can have one monthly payment, but it seems my credit rating doesnt allow me to get this.

I have told my Dad and he has been supportive. He had told me he doesnt have the money to lend me, (I wouldnt have asked him for for it anyway) so recommended that I see a debt adviser. I rang a few companies and the best solution I cam up with was to pay £90 a month for the next five years. Its not ideal but I think this is going to be the only solution I can go with.

I'd pay £90 for 5 years and obviously have an IVA. The total I would be paying is around £5,800. Im worried about the future. I was wondering if anyone has been in this situation before and can give me some advice.

Thanks.

skibadee

May I ask which company quoted you £90 for 5 years?

StevieG1988

Immediate Financial. I've requested a callback from Payplan today aswell to see what advice they can offer me

doelani

what this company are offering you is not an IVA, you need to owe over £15,000 to enter an IVA, sounds like a DMP.

You are wise is asking Payplan advice, they are very busy but do not agree to anything with this other company until you get proper advice.

ste_coxy

lewymufc wrote: »

Immediate Financial. I've requested a callback from Payplan today aswell to see what advice they can offer me

stick to dealing with payplan or speak to the CCCS (Consumer Credit Counselling Service ) both of whom are charities and will not charge you for their services. do not go with any other company as they will charge for their services and are keen to make a fast buck.

you need to have debts of around £15k or more usually and so an IVA would not be possible for you however, they can arrange debt management plans and offer budgeting advice.

I'm dealing with payplan at the moment and hoping they can offer some help with my 15k problem

StevieG1988

ste_coxy wrote: »

stick to dealing with payplan or speak to the CCCS (Consumer Credit Counselling Service ) both of whom are charities and will not charge you for their services. do not go with any other company as they will charge for their services and are keen to make a fast buck.

I have just contacted the CCCI, and they have given me an appointment in the middle of August to have a big chat on the phone. I thought a month is quite a long time. The gentleman advised me to start a new new bank account which wasnt affiliated with the other two and have my wages paid into their. He then said for me to pay the loan of £38.22 for the next 3 years as I would have anyway, and then ask the other two banks to freeze their interests and recieve a payment of £30 to the larger overdraft and £21.78 to the lower overdraft.

Has anyone had experience of something like this being agreed?

It would take me 3 years to pay the loan, 32 months to pay the smaller overdraft and then 58 months to pay the bigger overdraft. Obviously once the loan and smaller overdraft have been paid I can put more towards the bigger overdraft. I wish it was this simple