advice about iva

rochie100

Hello all,

I am new to this site and would like some help with a few questions i have....
i have been very foolish and have been on a dmp for 8 years so far my original debt was £50k now it £30k however i went a bit deppressed last year and managed to get credit cards and catalogues etc...(i am very upset that i didnt learn my lesson the first time)
I have taken the first step and applied for an iva my new an old debt totals £39k now, my ip has advised that i am eligable, but i am getting excited as seeing a way out but worried that i will be declined...

second worry is that i have also got 3 pay day loans, my ip has advised to cancel my credit card so they cannot take the payment at the end of the month he said this can be included in my iva but worried it will not and then be in a very big pickle.

As i have got myself in such a pickle only told my husband last night as was petrified of his reaction, he was angry but aggrees an iva is the best result as will be so much better off a month but out of all of the debt i owe they advised payments will be around£250 a month which does seem low>>>>

sorry for rabbling on but hoping to see light at the end of the tunnel and also get myself sorted
any help would be appreciated

thanks:(

Tixy

Hi

Have you spoken to more than 1 IP? I would suggest speaking to 2 or 3 before you make a final decision on whether an IVA is right for you and also to compare the different monthly payments they suggest you might end up paying based on your finances.

Hope it works out for you.

FoggyBrain_2

Hi -- pop over to https://www.iva.com and have a word with a couple of the firms represented there -- it's free and is a great help in getting things straight in your mind.