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IVA's etc
Options

Goldenboy1966
Posts: 1 Newbie
I have been paying off my debts to various credit card/loan companies (most of which have been transfered to debt recovery companies) for several years via a Debt Management company (Payplan). I owe around £40K, by my calculations it will take me 30 years to pay these off. Is there any way that these can be written off now. I know if I had refused to own up they could have been written off by now, but it seems unfair that I still pay £125 per month and seem to be getting no where.
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See if you qualify for an IVA, 30 yrs is a silly long time, do you own a house ? Bankruptcy may be an option for you if you don't, do a Google search on IVA`s, there's plenty of info out there.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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Goldenboy1966 wrote: »I have been paying off my debts to various credit card/loan companies (most of which have been transfered to debt recovery companies) for several years via a Debt Management company (Payplan). I owe around £40K, by my calculations it will take me 30 years to pay these off. Is there any way that these can be written off now. I know if I had refused to own up they could have been written off by now, but it seems unfair that I still pay £125 per month and seem to be getting no where.
Maybe try the Stepchange debt remedy - it is on line and can be anonymous if you wish, it might suggest options for your situation?Debt -it's a fight that I'm winning, dealing with debt one day at a time.
Estimated DFD August 2018 - 2031 - now 2027 :T
Guide dog Tess, missing Scotland 2 years
DMP support no438.0 -
As mentioned above, insolvency options such as an IVA or bankruptcy may be viable but will depend on your circumstances, assets and your ability to make payments.
We have a brief overview of the various options available to you to deal with your debts. It you click through each option you can learn more about the advantages and disadvantages.
Best wishes
James @natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0
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