IVA or DRO - non British

Jetjet_12 Forumite Posts: 57
Third Anniversary 10 Posts Name Dropper
edited 24 October 2022 at 4:48PM in IVA & DRO
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. 


Meet your Ambassadors


  • All Categories
  • 338.8K Banking & Borrowing
  • 248.6K Reduce Debt & Boost Income
  • 447.5K Spending & Discounts
  • 230.7K Work, Benefits & Business
  • 600.7K Mortgages, Homes & Bills
  • 171K Life & Family
  • 243.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards