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Advice needed.. IVA or Bankruptcy?
Morfx
Posts: 128 Forumite
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
Comments
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If you can post a full statement of affairs we can look and say what options are available to you.
It will get easier, I know it doesn't seem like it at the moment.Mortgage started 2020, aiming to clear 31/12/2029.0 -
Hi,
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.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 -
Am I allowed to say Freeman Jones ? I am a home owner with an IVA ....0
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I have no Assets, rented council accommodation, banger of a car.. no high ticket items.. thinking Bankruptcy is my best option?0
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Alexandraemm wrote: »Am I allowed to say Freeman Jones ? I am a home owner with an IVA ....
You can say what you like.0 -
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!!:(
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.0 -
Alexandraemm wrote: »Am I allowed to say Freeman Jones ? I am a home owner with an IVA ....
That's interesting to know, thanks.0 -
OP post an soa, can get some great advice, just don't make the wrong move.0
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