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Time to repay
luzmartinez
Posts: 1 Newbie
What is considered a reasonable amount of time in which to clear all your unsecured debts. 4 years / 5 years ?
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luzmartinez wrote: »What is considered a reasonable amount of time in which to clear all your unsecured debts. 4 years / 5 years ?
How long is a piece of string ?
It depends on so many factors, your income, expenditure, how much debt you have, which choice of debt solution you make, theirs no one right answer unfortunately.
Some people on these forums have debt management plans that will take decades to complete, i dont consider that reasonable, but maybe they do considering their circumstances.
It really depends on the individual, and what they think is reasonable.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 -
I'm not sure in what context you are asking but the courts view 3 years (payment time for an admin order or an IPA in bankruptcy) to 5 years (as in an IVA) as reasonable.0
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