BR or IVA

Lulu21

I live with my partner but we are not married and have our finances totally separate.
I have debts of around £15500, which include credit, store cards, loans to install central heating, overdraft etc. I earn £1750 every month after tax and £747 goes toward the minimum payments and another £825 goes towards travel, rent. mobile, pet insurance etc. So it leaves me with around £184, which all pretty much goes on food.
I have tried to apply for a consolidation loan several time over the past 3-4 years but with no success. I am only paying the minimum and the debt does not go down.
I have not assets or savings. Is IVA or BR best option for me as I literally have nothing left once I paid everything?

Also I have completed the DMP questionnaire but it's not accurate as they suggest the payments in most cases so it looked like a had over £600 disposable.

I am getting pretty desperate and extremely worried.

~Beanie~

Lulu21 wrote: »

Also I have completed the DMP questionnaire but it's not accurate as they suggest the payments in most cases so it looked like a had over £600 disposable..

What do you mean by this? Who suggests the payments? Where have you done the DMP questionnaire?

Try posting an SOA on here, it may not need to be as drastic as an IVA or BR. Try this one: http://www.stoozing.com/msoc/soacalc.php

Lensman_2

If you go for either you are likely to get a repayment plan that grabs £600 a month from you.

If you don't mind posting it online, I suggest you do a SOA. Format it for MSE and post it up. Experts will let you know what you might repay and be allowed to live on.

http://www.stoozing.com/msoc/soacalc.php

Gimpsdad

It may be that any online analyser you may have used is taking account of your partners income? With a DMP you should be able to disregard that if you genuinely keep your finances completely separate, as long as you aren't paying all the bills and your partner nothing at all. If you have been together for any length of time than an IVA will take account of that income also, and even in BR the OR will not allow a scenario where you pay all the bills if there is another income coming in which you do not wish to have taken into account.

Maybe try the DMP route again without partners details and see what comes out in the wash?