Should I think of IVA?

maygav

Hi There,

I am in a bit of a pickle. I was doing IT course with advent who went into administration. When I was singing up the sales guy said I have 1 year payments free but then the interest would be 29% so i can get a bank loan to pay for it. However within that year recession came, circumstances have changed and i did not get the loan. So I had to pay £256/month with income under £900. In the meantime they went into administration and the contract with Barclays Partner Finance(who I was payign to) should have been terminated. But as you know banks they always come up with something. They found alternative provider with whom none of the students were happy. Barclays have refused to terminate contracts and expecting us all to keep paying. So there is a class law suit against them and we were advise to stop paying. I have asked Barclay PF to put my account on hold but they refused adding a £20 charge and interest on my account every month.The course was £5995 but with the interest it came to over £12000. I have paid them around £2500 and then stopped when advised so there is about £10500 left.

So I have about £3000 on my credit card plus this debt. I am not sure which to count the £5995 or the £10500.

Would that be worth thinking about IVA? barclays are not easy to deal with as they had hundreds of complaints and not wiling to budge.

If they froze interest I would pay whatever is left from £5995 minus what I have paid.

Any advice?

Thanks,

FoggyBrain_2

I would have a chat with a few IPs and discuss the situation. You can find the contact details for a few on https://www.iva.com