Finally accepted im in trouble

bluelewis

Hi everyone,after years of moving debt around we have finally run out of options,ive been reading lots of posts of peoples differing circumstances.i realise im not on my own.

i have been on cccs and entered all my info
they have advised either an IVA or DMP but im totally confused which one to go with,With a DMP it will take about 10 yrs to be debt free providing the creditors agree to drop the interest.whereas if i go with the IVA i could potentially be clear in 5or maybe 6 yrs.

My problem is im just entering into a 4 month period where i get lots of overtime at work and earn good money,but then in spring and summer i earn just basic wage and cant pay the bills
do i go for it now or wait untli the spring.

One other problem is because our loans are mostly joint accounts and our overdraughts are also joint, my wife has a hp agreement
is there anyway we can go down the IVA or DMP without losng our car we only entered into the hp in july.
I accept that we alone are at fault for our predicament how on earth have we been so daft.
Any advice greatfully recieved.
below are our debts.

1# aa personal loan £15000 over 9 yrs only 3yrs old £195 pcm
2#aa credit card £5200 at fixed rate life balance £60pcm
3#rbs credit card £850 on limit £20 pcm
4#lloyds tsb credit card £1250 on limit £30 pcm
5#tesco credit card £3800 on limit life balance £70 pcm
6#debenhams credit card £450 on limit £15 pcm
7#lloyds bank account overdrawn £2100 always used
8#lloyds bank account overdrawn £900 always used
9#halifax bank account overdrawn £750 always used
10#blackhorse finance hp £11500 over 10 yrs £160 pcm


I know this is a really silly question and think i know answerr already
but if the wife took out a loan to pay off hp could we then put loan on iva or dmp

cheers to everyone who relpies good or bad

dojoman

Are you looking to go BR?

bluelewis

Didnt really want to do the BR thing really IVA or DMP i think

confused76

hi there and welcome

i know you have used the online calculator on the cccs website, but it would be a good idea to speak to someone, the national debtline, cccs or the cab. personally, i used the national debtline and found them very helpful, gave me information on my options

this is the br section so you might be wise posting in the debt free wannabe section as well for different opinions
good luck

jedi82

Hi Bluelewis, it might be best to post in the IVA forum as they should be able to answer your questions

Jedi

confused76

bluelewis wrote: »

Didnt really want to do the BR thing really IVA or DMP i think

ah right, this is the br section, best to post it in the debt free wannabe bit, and there is an iva bit at the top too

bluelewis

cheers have re posted ta