Which option is best ?

System

This discussion was created from comments split from: IVA Paid Off?.

Geoffers05

Hi, I currently have debt of around £20k due to some bad decisions during end of marriage. Recently the monthly repayments are around £550. On top of rent it is becoming unmanageable, I recently went on to step change as am struggling to sleep because of it, First recommendation was IVA, am wondering if this is sensible as it sounds really severe. I thought about consolidation to have it all under one umbrella and one monthly payment. Hoping someone can help me please

fatbelly

Geoffers05 said:

Hi, I currently have debt of around £20k due to some bad decisions during end of marriage. Recently the monthly repayments are around £550. On top of rent it is becoming unmanageable, I recently went on to step change as am struggling to sleep because of it, First recommendation was IVA, am wondering if this is sensible as it sounds really severe. I thought about consolidation to have it all under one umbrella and one monthly payment. Hoping someone can help me please

Really needs a new thread Geoffers and a statement of affairs.

OK, big first point, your rent is a priority payment. Things like cards, loans and catalogues are non-priority so if money is tight they are the ones that go without payment.

You are not a homeowner so like you I am puzzled by the suggestion of an IVA, which is  bankruptcy for someone with an asset to protect.

Whether the way forward for you is bankruptcy, DRO or debt management plan is something that we can discuss when we see your soa. Consolidation is unlikely to be an option

Here's the calculator
https://www.lemonfool.co.uk/financecalculators/soa.php

sourcrates

Moved to new thread on DFW.