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Which option is best ?

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

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  • Geoffers05Geoffers05 Forumite
    3 posts
    First Post
    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
  • fatbellyfatbelly Forumite
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    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

  • sourcratessourcrates Forumite, Board Guide
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    Moved to new thread on DFW.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
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    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
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