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Considering IVA
SexyMark
Posts: 4 Newbie
Hi All,
I have about £32k of Credit Card and £2.5K of Overdraft debt which I need to get rid of as the even the minimum repayments are becoming a heavy burden at the cost of other bills.
I approached National Debt Relief who have looked at my case and suggested I apply for an IVA. This will take my current payments from around £800 down to £260. Obviously this is a very attractive proposition.
I also have an Interest Only Tracker Mortgage which is almost as high as the property value itself - not quite negative equity.
The IVA will run for 5-6 years and in that time a lot of things can happen and lots of things are running through my head such as rising interest rates, credit ratings, etc etc.
Can anyone offer me any advice as to whether its a good idea to go with the IVA or is there sometihng else that could help???
Thanks a lot,
Mark.
I have about £32k of Credit Card and £2.5K of Overdraft debt which I need to get rid of as the even the minimum repayments are becoming a heavy burden at the cost of other bills.
I approached National Debt Relief who have looked at my case and suggested I apply for an IVA. This will take my current payments from around £800 down to £260. Obviously this is a very attractive proposition.
I also have an Interest Only Tracker Mortgage which is almost as high as the property value itself - not quite negative equity.
The IVA will run for 5-6 years and in that time a lot of things can happen and lots of things are running through my head such as rising interest rates, credit ratings, etc etc.
Can anyone offer me any advice as to whether its a good idea to go with the IVA or is there sometihng else that could help???
Thanks a lot,
Mark.
0
Comments
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Have you talked to any of the debt charities, as really they are the people who are best placed to help you mull over the options?If you've have not made a mistake, you've made nothing0
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