Iva or another unsecured loan please help Soon!!

wigglers

Hi I am just about keeping our family above the line... I have asked step change for advice, and seem to get different debt remedy advice... Basically I have excellent credit and have been b zero preventing my debt from card to card but then using the cards. So now I am In a scenario where I'm posting minimum payments and not getting anywhere.

I have applied and been offered a loan (haven't signed the paperwork) to clear the debts which would mean struggling for the next 6 years... Or I can get an iva or Bankrupcy.. I love spending time and enjoying life with my kids..

But I know this must be sorted I have 2 choices the way I see it get an iva the debt is clear inside 6 years or a 6 year loan paying more Interest but keep my credit rating .. For a potential house etc...

I am happy to show u my budget but we run a 1.6 bluemotion car no tax cheap diesel, we shop at aldi.. No elaberate purchases etc... But I have a 180 backscatter bill to pay tomorrow and if I'm entering an iva Im not sure id have to make that payment...
Thanks for the advice and listening...

mwarby

if you can repay your debts in full over 6 years, I'd avoid an IVA or bankruptcy. You will likely find some pushback from creditors too for an IVA (some won't back an IVA, where debt could be repaid via a 10 year DMP)

I'd look into other options such as arrangements to pay with individual creditors or a DMP

I'd also take a long hard look at budget, the last thing you want is to consolidate your debts and then build up some new ones (an IVA would stop that, but a sledgehammer to crack a walnut perhaps)

WhenIam64

Do you own a home? Is the debt over £20K?

You're best posting a Statement of Accounts so others can comment.

wigglers

I posted 1 on the thread above sorry not all this posted

wigglers

I don't own a home and the debt is around 23,000 I've posted all the details on a different thread for people to see

sourcrates

Try and stick to just one thread on the same topic thanks.