Desperate For Help, My SOA

RAS

debt_doctor wrote: »

considering you have a house to protect, I think an IVA may be appropriate for you ( dont normally reccomend them) Dont sell your self short on your essentials ( housekeeping should be £150 pm, BBA fiquires ) A debt management plan is another option, but carries risks as it is not legally binding. If you do either, dont go to the vultures, use paylan ( www.payplan.com )

Considering you have a house to protect, an IVA may not be a good idea at all. You would have to release any equity inthe house in year 3 or 4 (remortgage). Unless you are happy to pay ther mortgage to see the benefit go to your creditors, make sure you take serious advice from CCCS or Payplan and talk to people who have had IVAs fail. They are horrendously difficult if your income drops. and the only way out is bankruptcy, which will mean losing any beneficial interest in the house.

The other issue is that you are only just meeting the minimum payments and you need more spare income than that for an IVA.

I would try to economise or increase your income in the short term. If the situation does not turn round, then talk to CCCS, Payplan or CAB about a DMP or IVA, but make sure you understand the consequences if your income declines and ensure that you use an IP recommended by them, not a commercial companny.

Both wreck your credit rating for the next 6 years, so you have to weigh that up against the struggle keeping things afloat without them.

Both