Information on Individual Voluntary Arrangement's

garyhopef2s

I was a bit wary of posting on here. I feel soooo stupid. Through one thing or another I have managed to get myself into a lot of debt. I have tried juggling debts here and there, but nobody will lend me a loan to cover debt on credit cards, from which the interest is killing me. I am struggling to pay everything at the end of the month. I currently owe around £20000 in an unsecured loan and £18000 on credit cards. I have a car on hire purchase which I pay £120 a month for. I currently live with my parents. My income after tax is £1400, but I normally get around £300 for business mileage on top of that. My outgoings are roughly:


£465 loan
£120 car
£25 internet (I work in IT, and require a half decent level of service)
£250 board
£300 petrol (work and personal I do about 2000 miles a month)
£40 mobile phone (18 month contract)

=£1200

I then use the rest of my money to pay off my credit cards (normally pay off £300 to the one I owe the most to then see what I have left to pay for the rest)

I also need money for food, car insurance, etc which I have had to pay for on my credit card, thus creating a viscous circle.

I have no real assets bar my car (which I don’t own), my computer, DVD player, telly, etc.

I am trying to take a hold of my finances, which I have just tried to ignore for a long time. Would a debt management company using an IVA be the best way of solving my debt problems?

What are the disadvantages of IVA’s?

Will it seriously effect the changes of me getting a mortgage in the future?

Will if affect my parents credit rating, etc with me still living with them?

Would I be able to keep my car as I need it for work (could I keep up payments for that and IVA everything else?)?

Would any of my personal items be taken from me? (I honestly don’t have much)

If I were to get married during the IVA what would happen then?

How much a month would I approximately be paying back for an IVA?

Please can you help me answer these questions before I contact a company who is going to push IVA onto me and not tell me all of the disadvantages.

Thanks for any help / advice you can give me

all_hours

Can you post the details of the credit cards - balance, credit limit, minimum payment and APRs? Then people can see if you are able to meet the minimum payments. What's the APR on the loan?

You can put the figures of your debts into the snowball calculator, this will show you which to pay off first:

http://www.whatsthecost.com/snowball.aspx

Contact http://www.payplan.com or http://www.cccs.co.uk they will discuss whether an IVA is the best option and go through what it would entail and how it would affect you.

Would your parents let you pay less board for a while so you can get on top of the credit card payments?