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Advice needed.. IVA or Bankruptcy?
8 replies
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Morfx
Forumite 53 posts
Any advice muchly appreciated..
I'm currently 40k in debt, 18k on credit cards 22k on loans..
I'm making the minimum payment each month on the cards and up-to-date with my loan repayments, I'm barely getting by each month, paying roughly £1000 a month but not bring my credit card debt down.
Ive had the card debts for nearly 5 years and constantly switching to avoid the interest..
I can't do this anymore... Help!!:(
I'm currently 40k in debt, 18k on credit cards 22k on loans..
I'm making the minimum payment each month on the cards and up-to-date with my loan repayments, I'm barely getting by each month, paying roughly £1000 a month but not bring my credit card debt down.
Ive had the card debts for nearly 5 years and constantly switching to avoid the interest..
I can't do this anymore... Help!!:(
0
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Replies
It will get easier, I know it doesn't seem like it at the moment.
What are your home circumstances, do you have any assets, are you a homeowner ?
Basically without knowing the full picture, IVA `s are designed for people with massive debts, but who also have assets like a house to protect.
Bankrupcy is mainly for those who have non of the above, but it does depend on your personal circumstances.
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You can say what you like.
If your only paying the minimums then your 0% interest WILL run out at some point and it will become very expensive. If the loan is a high interest one over a long period then you are doomed.
If you can be a bankrupt in your job then that might be the way forward.
That's interesting to know, thanks.