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Which option is best ?
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This discussion was created from comments split from: IVA Paid Off?.
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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 please0
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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
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
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Moved to new thread on DFW.
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
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