Please help! IVA or Not, whats the best way of dealing with 20k of debt.

hannah814

Owed To Amount Monthly payments
Egg £11,234.00 £236.00
Virgin £3,200.00 £123.00
Halifax £1,813.00 £60.00
Lloydstsb £761.00 £60.00
RFS £3,100.00 £125.00
TOTALS £20,108.00 £604.00

I bring home £1163 per month.. I also have £45 for phone bill and £28 car insurance.

I transfer £400 to another account and I get my petrol from that which on average = £170 per month. I only use my car getting to and from work. I have no house and partner won't put me on the mortgage whilst I have this debt.

Getting really concerned that if anything happens, I iwlll have no rights and be homeless as will not be able to afford to live on my own.

I am 25, no kids. Please any advice would be welcomed.

chevalier

Hi there
First of all don't panic! I know this is easy to say but not so easy to do. First of all have a look at this thread
http://forums.moneysavingexpert.com/showthread.html?t=107280. This shows you how to do a Statement of Affairs. With this we can help you see where you can make some savings to put towards your debt.

My gut reaction, if you can't pay this off at the current rate, is to suggest you contact CCCS or Payplan for advice (there are links to these sites on the thread I have given you the link for). They will give you FREE impartial advice as to what is the best route for you. It may well be a Debt Management Plan (DMP), which is a structured way of paying back your debts, but also allows you to pay priority bills such as rent, utilities, food, council tax.

You say you are worried about having no home, but am unsure why this might be?
Best of luck
chev