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Debt advice - Jumped the gun with IVA, Relationship complication

stuckinarutt2025 · 2025-05-20 12:54:02

Hi everyone, I'm looking for some guidance if possible. My total debt is around £28,000, and I'm a few months behind on two loans and three credit cards (I’ve only just received a default notice this month). I explored an IVA because I’ve been unable to make full payments to my creditors following a substantial increase in…

Comments

sourcrates Posts: 32,222 Ambassador

20 May at 6:41PM edited 20 May at 6:42PM

stuckinarutt2025 said:

The payment I was going to make to Pay Plan in the IVA was £61.00.

An IVA for £61 per month !!

If there is even an outside chance of your relationship faltering and the house having to be sold, you don`t want to complicate matters with an IVA, but as a homeowner your options are very limited, especially with virtually no disposable income to pay debts with.

I would go with the token payment or no payment option for now, write and tell your creditors your situation, you can show them a copy of your budget, ask them to suspend or stop all interest and place accounts on hold for 3 months, after which you will update them.

Maybe by then a better plan can be formulated??

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-letter
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