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IVA or DRO - non British
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Hi Everyone. So basically I am seeking advice with regards to my debts. I have approximately £16000 unsecured debts (Loans, 4 Credit Cards, Creation and Overdraft).Almost 2 years ago I was in contact with Stepchange and I really should have taken their advice of doing an IVA. But I was proud that I would be able to pull it off and pay my debts accordingly. However, I must admit I am finding it now more difficult. My Santander loan balance of £2800 will finish by March 2023 so I am thinking I don't have long to go. I am paying £438 per month for that.
Meanwhile I have been in touch with Barclays today and I have just agreed a repayment plan of £92 × 47 months. My credit card balance is £2747. Calculating it that means I would be paying £4324. So that means in interest alone I would have paid £1577. Now this really got me disheartened as we can barely make ends meet now plus the fact that we don't have any savings. I have also a little girl which I feel so sorry for coz I can barely provide for her needs. I do not have any priority debts and all my other credit cards are up to date but on minimum payment.
I am not British but a permanent resident and I am hoping to get my citizenship next year. I am not sure if this will affect it?
Plus we are hoping to be able to save for a mortgage in the next 2-3 years but is just finding it so hard with every little expense that we have. What would be your advice for me? I might be in touch with Stepchange again and see what their advice would be.
Meanwhile I have been in touch with Barclays today and I have just agreed a repayment plan of £92 × 47 months. My credit card balance is £2747. Calculating it that means I would be paying £4324. So that means in interest alone I would have paid £1577. Now this really got me disheartened as we can barely make ends meet now plus the fact that we don't have any savings. I have also a little girl which I feel so sorry for coz I can barely provide for her needs. I do not have any priority debts and all my other credit cards are up to date but on minimum payment.
I am not British but a permanent resident and I am hoping to get my citizenship next year. I am not sure if this will affect it?
Plus we are hoping to be able to save for a mortgage in the next 2-3 years but is just finding it so hard with every little expense that we have. What would be your advice for me? I might be in touch with Stepchange again and see what their advice would be.
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Comments
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An IVA is not to be recommended, they are meant for those who have an asset to protect, such as a house.
A statement of affairs is the first step, otherwise we don't know the figures you have to play with.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-letter1 -
Thanks @sourcrates. I have actually posted on another forum here as I wasn't sure which topic should I belong to. I have read somewhere that me being non British would not affect my citizenship eventually if i have something like IVA, DMP or DRO as apparently it will show that I am trying to sort out my finances in a way.
This is the link of the post of my other topic in the forum where I posted my SOA.
Looking at the figures my heart is racing now.
https://forums.moneysavingexpert.com/discussion/comment/79579368#Comment_79579368
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Ok, no worries, best sticking to that thread now then.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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