Help!! 22k in debt??

pr1973

Hi,

I have quite a good income but I'm actually now 20k + in debt - 15k was from a past relationship - Up until now I've managed, just - now my personal circumstances have to change as I need to rent a property ASAP - This means additional costs and I'm afraid I will not be in a position to afford my debt re-payments -

I approached the bank and they said there is nothing they could do - They wouldn't even consolidate my loans -

Is an IVA the way to go - If so how much does this effect my credit rating? If it does effect my credit rating will I still be able to rent a property?

Requiem

pr1973 wrote: »

Hi,

I have quite a good income but I'm actually now 20k + in debt - 15k was from a past relationship - Up until now I've managed, just - now my personal circumstances have to change as I need to rent a property ASAP - This means additional costs and I'm afraid I will not be in a position to afford my debt re-payments -

I approached the bank and they said there is nothing they could do - They wouldn't even consolidate my loans -

Is an IVA the way to go - If so how much does this effect my credit rating? If it does effect my credit rating will I still be able to rent a property?

A good start would be to post a SOA: http://www.makesenseofcards.com/soacalc.html

That will allow people on the board to give you advice on how and where you could possibly cut down your outgoings to be able to afford those repayments.

Good luck

RAS

Any arrangment where you stop paying the full amount will affect your credit rating but there is life beyond that. An IVA is an Insolvency arrangment that you have to declare for life if asked.