not sure which way to turn

icm_2

Hello

I am new to this site. After many months of not admitting my finacial woes. I finally sat up and decided to deal with this - painful but has to be done.

Debts of £56k of CC, unsecured loan and overdraft. I have been in touch with a reputable company [PayPlan] who suggested an IVA. But with the likelyhood of overtime, I would benefit from waiting until the new protocol comes into force in May. Thi snew protocol would allow me to keep 10% on my net monthly pay before the 50/50 split, To me this would be an extra £194pm, a huge difference to us.

At moment although these revised protocols can be used, this company is not changing to the new protocol yet. They suggest doing a DMP until May or continuing the IVA process. Not sure if bankrupcy would be the best solution to this situation, as its very difficult to see where I and myfamilies finacial position would be in 5 years time.

Any thoughts or opinions please

pure_dead_dopey

speak to one of the debt charities, CCCS or Payplan, they won't charge you, all your repayments go to your creditors, just don't pay for what you can get free, I guess this is one of the first pricipals to learn to get debt free. CCCS have given us great advice and I finally feel we have a grip on our debt pile.

Nargleblast

Sounds like a good idea to start with. Run with a DMP for a few months then reassess your situation to see if an IVA is suitable for you. When starting a debt management plan, make sure you do it through one of the organisations that do not take fees from your payments - many people on here go through CCCS or Payplan, as all their monthly payments go to the creditors, and not in charges. And if you want help on tidying up your budget, do a Statement of Affairs (see sticky at top of threads list, First time posters and SOA calculator). Fill it in and post it on here and you will get advice on budgeting, cutting costs and making the most of what cash you have. You will need a full breakdown of your income and expenditure anyway when sorting out a DMP so this will help with that too.
Good luck.

Nargleblast

And welcome to the forums by the way, most of us are good sorts on here. You get the occasional troll (for explanation read the Notice to Newcomers thread) but they are to be ignored. Remember people on here are in debt, or have been in debt, or want to avoid getting into debt, so we have lots in common with you.