IVA and Debt HELP

in Debt-free wannabe
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SXXRSSXXRS Forumite
5 Posts
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Hello, 
Please bear with me, this is my first post. 

I currently owe just over £24,000 in debt. I am paying these on time every month for the last 2 years', however more recently it's becoming overwhelming as I am paying out £1100 a month of my monthly earnings with no leeway to do much more after that including savings. 
I've spoken to debt advisors and they've told me an IVA would be my best route bringing down the costs to just £150 a month, saving me just over 900 pound per month. I would be so much more happier with this! 
I have tried alternate routes: a second job, selling personal things, contacting the companies to reduce interest and explain my circumstances but little luck in anything. 
I am seriously deprived with sleep and it is now affecting my mental health. I'm hardly eating, sleeping 2 hours most per night, strain on my relationship.
I feel this is my only option, as I've been told by 3 other debt advisors and my bank advisor. 

I am currently 22 years old with hopes of being debt free before I'm 30, and the IVA will be the only option I have to achieve this. 
HELP!! 

Replies

  • TripleHTripleH Forumite
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    Who is it you asked?
    Was it Stepchange or another charity?
    Companies who earn money 'selling' you IVA's will tell you that is the best solution (and it is for them).
    I assume you don't own a house or expensive car?

    May you find your sister soon Helli.
    Sleep well.
  • SXXRSSXXRS Forumite
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    First Post
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    TripleH said:
    Who is it you asked?
    Was it Stepchange or another charity?
    Companies who earn money 'selling' you IVA's will tell you that is the best solution (and it is for them).
    I assume you don't own a house or expensive car?

    I spoke to Stephchange and a 2 other seperate charities. 
    I don't own a house but I do have a 3 series 2016 on HP
  • edited 16 June 2022 at 5:19PM
    RASRAS Forumite
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    edited 16 June 2022 at 5:19PM
    Hi, can you double-check? There are debt companies that use very similar names to both stepchange and national debtline, and possibly Payplan.

    However, given you've an expensive car, that may be limiting your options. Can you check your HP agreement and find out if and when you can give it back.

    As generally an IVA is not recommended for less than £30k debt, and the fees are high.
    The person who has not made a mistake, has made nothing
  • SXXRSSXXRS Forumite
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    It was stepchange i spoke with and my bank themselves.
    As I got my car from TradeCentre UK they advised me that I’d not be able to give it back, I’d have to sell it on and source the different to complete the HP agreement, which again, isn’t an option.
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