Iva or another unsecured loan please help Soon!!

wigglers

I'm in 23k worth of debt and very soon on top of the £40 a month interest from overdraft will be £40 interest from credit cards it's not as simple as stopping the kids doing a club each.. Wish it was! I am paying the minimum on everything!

wigglers

Putting my budget into step change they suggest an iva... I McChrystal and to get out of it myself by losing bank the means over 5 years but I fear it will get us worse into debt... Im unsure about my work and income and an thinking about going back to college if I go br or take an iva will I be able to just stay again?

Kentish_Dave

If your boss pays for your phone then you need to add it to your wages or take it off your expenses.

The main issue though is your low wage, and it looks as though only one of you is working. Is there any reason for you not to up your family income?

wigglers

As in both of us work? My partner is looking for a part time job arm it now works out she is better working upto 16 hours I think where as before it came straight off of universal credit.. It's a bonus tho if I fit it I get my mobile bill paid if I don't I have to pay it so wasn't sure as most of the time I don't hit it.

wigglers

I am a store manager of a shop that although being a low wage is relativley high for where I live and the opportunities around here... Especially with no formal qualifications

wigglers

What can i do if I want to stop working or work part time and go back to college... I feel I have no choice but to stay here in a dead end job posting this mountain... I feel trapped can I go full bankrupt and make something of my life or is it too late?

wigglers

Where do I speak to him too please?

fatbelly

Moses007 wrote: »

Your problem can be solved by experienced insolvency practitioner only, he can only suggest you which debt management plan is suitable for you whether it is a IVA or DRO only the financial adviser only guide you through these topics by understand your financial situation.

wigglers wrote: »

Where do I speak to him too please?

Oh dear.

An IP will be needed if you go for an IVA. But with no assets to protect (who owns the car? How much is it worth?) there's no advantage of an IVA over bankruptcy, which doesn't need an IP.

A DRO doesn't need an IP and neither does a debt management plan. You have too much debt for the former and it's questionable whether you have enough surplus income for the latter (I'd be looking at 400 a month to get it done in a reasonable period).

So is there any reason why you can't go bankrupt?

wigglers

No I don't think so.. Other than the stigma.. I have a car we use my brother brought for us a 1.6 golf it's economical and my partner uses it to get kids to school etc etc it's worth about £3000 - £4000 maybe less if sold.. Mk 7 13plate so shall I just apply for bankruptcy then?

wigglers

No I dont think so.. My brother bought us the car my parter uses it to take the kids to school and clubs etc its a mk 7 golf 1.6 the most eco car I've owned before worth 3-4k I'd say maybe less if sold. £400 a month for what sorry? The problem is I'm stuck with what to do and just keep getting myself more in debt