Is a IVA the right choice?

ChelseaWoody27

Thank you everyone for your help so far. I've taken it all on board. Glad to hear I don't need to do anything drastic as an IVA and I can work through this myself. I think you guys saved me from a very push sales person. How those guys can be allowed is baffling to me. 

Regarding paying off Aqua first, why would I do that over Virgin? Although it's the highest rate doesn't the fact that I have significantly more on my Virgin card mean I should concentrate on that first? 

Grumpelstiltskin

It's your choice but by paying one off completely it can give you a boost when you might be feeling it's never ending.

Like I said if you say 4 months June, July, August and September at £300 per month it would be gone.

You may have to rein in your spending over these months but when you have worked out where your money is going, buying lunch at work instead of taking food from home, a quick drink after work etc. you should be able to do this.

None of it will be easy but do you have the determination and mind set to get on top of this?

RAS

ChelseaWoody27 said:

Regarding paying off Aqua first, why would I do that over Virgin? Although it's the highest rate doesn't the fact that I have significantly more on my Virgin card mean I should concentrate on that first? 

People have different approaches to debt but if you want to clear it most effectively, try the snowball calculator.

Snowball Calculator (lemonfool.co.uk)

You should be able to clear the Aqua debt in a few months and be debt free in 2.5 years.

ChelseaWoody27

Hi everyone, 

I just wanted to say thank you for taking the time out and giving me advice. I will take all of this on board and will start chipping away at Aqua first. Would feel good to stop having to check off one  

Thank you, you guys are really kind and if it wasn't for you I may have taken a very bad decision! 

Joe 

RAS

#joe, basically, that's what we are all here for. Some of us remember the carnage around the 2008 crash when loads of people were "encouraged" by the sales teams to go for IVAs which weren't suitable. Some needed a debt management plan and some really needed to go bankrupt. 

You'd be at risk of getting an IVA which wrecked your credit record for a long time, paying 100% in the end plus fees which could be £8-10K.

As it is you can probably clear this little lot in 2-3 years, and as you close your accounts, you may well be able to get 0% or just cheaper credit transfers.

Best of luck.

missnosey122

Contact stepchange they will go through you expenses or you can complete their on line form 1st & if you have less then £50  per month after everything is paid you may qualify for a debt relief order please note any assets over 2000 you may not qualify.