Iva

CANARY_JOES

I hope somebody can point me in the right direction. For the past 6 months we have been paying credit card companies a minimal amount agreed with them. My wife and i are struggling
to continue these payments we are wondering if the iva route is best. We owe 70k on various cards and loans and have equity in our house of 25k. We have tried to sell the house but have had little interest.
One of our creditors (egg) have now sold our debt to them to a finance company.Would this be a problem with an iva?
Some of the companies have offered us a settlement figure on the loans (30% of the loans). Unfortunately we have n't got the cash.
'is the iva route the best road to go down?

Nargleblast

I would suggest you contact one of the debt counselling charities with full details of your monthly income and expenditure plus details of your debts - who to, how much, what percentage interest, what monthly payments etc. Plus value of house and amount of mortgage outstanding. They will go through your options with you. An IVA sounds like a possibility in your case, and could mean you are debt free in five years. However, you need to talk to an Insolvency Practitioner (IP) - do not, however, be conned into forking out money up front for anything. A reputable IVA firm will discuss their charges with you and give you an idea of when your creditors will start receiving money. As far as the Egg debt is concerned, the company you choose to handle your IVA (if that is the best solution for you) would just send the payments to the new owners of the debt, so that is nothing to worry about. As I said, get some advice from a debt counselling organisation first. There will be a solution that is right for you somewhere.