help with paying credit cards

worryworm22

Sorry if this is the wrong place to ask but my situation is that I owe 12k on credit cards (long story) 2 credit cards. 8 on one and 4 on the other. 

I can get 6k together, do I pay the whole of one off and 2k onto the other or do I split it. I'm struggling with the repayments at the moment and cant keep up with them. 

Also, Ive had a call from Curtis Faraday offering me an IVA to pay 100 a month for 6 years then be debt free. What are the thoughts on this route? 

MorningcoffeeIV

You would pay off the highest rate one.

But if you're considering an IVA, then that's a whole separate discussion and you should be defaulting.

Post on the DFW boards.

MSE_ForumTeam5

We've moved this to the Debt-Free Wannabe board

Grumpelstiltskin

Under no circumstances even think about an IVA for just £12.000 of debt.

Number of reasons one being you would  pay almost that amount in charges before debts start to be paid off.

Don't do anything until you have completed a SOA  and posted it on here.

https://www.lemonfool.co.uk/financecalculators/soa.php

Fill it in honestly and carefully and format for MSE and post it on here.

You are in the right place here as you will be given the best advice for your circumstances.

Martico

I'll quickly second the sound advice not to contemplate an IVA. You can read a bit more as to why here.
And also, yes, work out and share (if you're comfortable) your SOA and we can go from there

sourcrates

worryworm22 said:

Also, Ive had a call from Curtis Faraday offering me an IVA to pay 100 a month for 6 years then be debt free. What are the thoughts on this route? 

Avoid like the plague would be my thoughts on Curtis Faradays untimely offer.

Unless you own a house, or have other significant assets, and owe more than £30,000, an IVA is not for you.

I will stick my neck out and say with 100% accuracy, there will be a better way forward for you.

Your SOA will tell us more.

enthusiasticsaver

Why would you need an IVA? When you say you can get your hands on £6k I hope that is not more borrowing. 

An soa is the best way of determining your true position. If the £6k is your money then put it towards the most expensive debt. If you plan to borrow it then hold fire as that may not be the best plan. 

Are you paying interest on the credit cards and what rates?