CCCS or an IVA?

Powellie

Hi Everyone

I hope you can help me

I have unsecured debt of approx £40000.
HSBC Loan: £25k
IF Credit Card: £5k (low lob rate)
M&S Money MC: £5.7k (low lob rate)
HSBC MC: £2k
Egg Card: £2.5k

I have now got to the stage where I am borrowing to pay and live.

I am a homeowner (own 50% of a flat with my cousin which has equity), never missed a payment for mortgage,loan, bills, CC's etc.

I have a job that pays £35K per annum.

I feel very depressed and it's my lightbulb moment, I don't know what to do!
I am ashamed to tell my parents, my drinking, going out and gambling is of a real concern.

I have been told to contact CCCS and another piece of advise was to consider applying for a IVA?

Any advice would be greatly appreciated

Thank you

Powellie

CLAPTON

can you post full financial information ..an Statement of Affairs

also say how much the house is worth and how much the mortgage


http://forums.moneysavingexpert.com/showthread.html?t=107280

fatbelly

CCCS will recommend an IVA if that is your best course of action. See what they say.

You can also do a SoA and see what we say! But that's up to you.

milliecat12

Be careful if you look at an IVA, many IP's will ask for fees upfront...but don't make it clear that there is always a chance an IVA could fail as it depends on the creditors vote, therefore you could lose money. There are companies out there that won't take upfront fees so suggest you check this before going ahead.

Powellie

I am currently compiling my SoA for CCCS so I will post a thread to you to see what you think

Thanks for your help

CLAPTON wrote:

can you post full financial information ..an Statement of Affairs

also say how much the house is worth and how much the mortgage


http://forums.moneysavingexpert.com/showthread.html?t=107280