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To IVA or not...
summit28
Posts: 1 Newbie
Hi,
I've been looking into an IVA, but am now thinking it's not a good idea.
It's going to affect too much.
I'm not going to be able to remortgage etc and it will affect my Wife's credit rating which currently is good.
All in all we have around £30k i debts, a larger % of these due to me not being able to work for a period of time a few years ago, due to ill health.
I have a feeling that we may be able to get some of the creditors to write off some of the debts if I agree a repayment.
Any advice would be greatly appreciated.
I've been looking into an IVA, but am now thinking it's not a good idea.
It's going to affect too much.
I'm not going to be able to remortgage etc and it will affect my Wife's credit rating which currently is good.
All in all we have around £30k i debts, a larger % of these due to me not being able to work for a period of time a few years ago, due to ill health.
I have a feeling that we may be able to get some of the creditors to write off some of the debts if I agree a repayment.
Any advice would be greatly appreciated.
0
Comments
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Have you done a statement of affairs, to work out what you can repay each month ? If you share its easier for us to suggest things.
Are the debts currently in arrears or default ? If they're not many if not most creditors wouldn't accept a write off.0 -
Hi summit and welcome to the forum.
I can only agree with mwarby that without knowing more about your overall financial situation, we're in no position to recommend or warn against an IVA.
It's best to seek holistic advice on your debts, rather than start with a particular option in mind e.g. IVA and work backwards from there. Try one of the free charity services listed on these forums for impartial, expert advice.
Dennis
@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 -
If you can complete an SOA , we can help more, as the previous two posters have said.
http://www.stoozing.com/calculator/soa.phpSPC 8 (2015) #485 TOTAL: £334.65
SPC 9 (2016) #485 TOTAL £84
SPC 10 (2017) # 485 TOTAL: £464.80
SPC 11 (2018) #4850 -
step change or what ever are calle dnow are great and a good starting point0
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