Help Me!

BOLO_3

HI all,

I dont know if anyone can offer me any advice but i would greatly appreciate it.

I currently have debts of about £30,000. to various Credit cards and loans.

I also have a joint mortgage with my partner, but he has no debts!

Now i have been speaking to a couple of these debt help people and this is where i get confused:

the first says they will put me on a debt mamangement problem. Where i pay a smaller amount over a long time.

the second is a company thats says i shoudl do an IVA. where i pay what i can afford for 5 years then the debt is writen off.

My problem is a dont know which is the best to do?

Our mortgage currently has a fixed rate for 2 more years, after this it is a standard varible rate, i believe if i do one if these, it would be unlikely taht i would be able to remortgage with another company (please correct me if im wrong). SO my problems are that what if in 2 years we can not afford this mortgage put i can not get another mortgage?? and will i have bad credit forever...

If anybody could help with anything i would be extrmely gratefull

Thanks

immoral_angeluk

I would say the best would bet would be the debt management plan as from what I gather an IVA leaves a nasty mark on your credit score..

all_hours

Contact payplan or cccs for unbiased advice. The links are at the top of this forum. Don't use one of the debt management companies as it could end up costing you more.

You could also post an SOA - see southernscousers sticky thread for first time posters - then others will be able to suggest ways of cutting back on outgoings and moving your debt around so you're paying less interest.

rog2

There are several alternatives open to you, but I would advise that you post a full SOA - Statement of Affairs, listing all your income, expenditure and debts, so that people can best advise you.
You should also consider talking to CCCS, CAB (link at top of page) or Payplan https://www.payplan.co.uk These are all charities who can advise you, free of charge, what the best alternative would be, given your circumstances.
If you talk directly to your creditors, they will, understandably, give you advice which suits them, rather than you.
Beware of talking to any Financial Adviser who asks for a fee.