IVA's etc 29 April 2014 at 4:48PM in Debt-free wannabe 3 replies 559 views

Goldenboy1966

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.

sourcrates

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.

Sazzie23

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?

National_Debtline

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 @natdebtline