Do I need to go into an IVA ?
AusAaron
Posts: 10 Forumite
Ive been in contact with 3 Charities regarding debt advice
all of them have come back after around an hour phone call with each one and said an IVA is the best option.
After going through a budget planner i have £100 to spend on anything per month and I'm paying £800 a month on debt with a basic of £1400 being my wage.
After talking about my options I'm starting to panic and become even more stressed about my debts, before this i was relaxed because even though I'm paying out my !!! everything is going down. I thought i had £24k in debt but in reality i have £29,411.
Im stressing due to the fact i won't be able to do anything for 5-6 years like a mortgage etc... with i feel like it would be like going to jail or something, i might be over thinking but i feel embarrassed to even consider going down this route.
Would you just follow the advice for the charities or carry on paying £800+ and just getting by for the next 4-5 years?
Also the charities have said id be paying back between 250-330 a month in an IVA, Im only in my mid 20s and have !!!!ed up massively and will never get in this situation ever again, id be 31 when its all done and dusted.
all of them have come back after around an hour phone call with each one and said an IVA is the best option.
After going through a budget planner i have £100 to spend on anything per month and I'm paying £800 a month on debt with a basic of £1400 being my wage.
After talking about my options I'm starting to panic and become even more stressed about my debts, before this i was relaxed because even though I'm paying out my !!! everything is going down. I thought i had £24k in debt but in reality i have £29,411.
Im stressing due to the fact i won't be able to do anything for 5-6 years like a mortgage etc... with i feel like it would be like going to jail or something, i might be over thinking but i feel embarrassed to even consider going down this route.
Would you just follow the advice for the charities or carry on paying £800+ and just getting by for the next 4-5 years?
Also the charities have said id be paying back between 250-330 a month in an IVA, Im only in my mid 20s and have !!!!ed up massively and will never get in this situation ever again, id be 31 when its all done and dusted.
0
Comments
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Hi,
On that disposable income any option other than bankruptcy will take you 6 years or more to get debt free.
A debt management plan at say £500 a month will take 5 years, and thats if they stop all interest and charges.
Or an IVA at around £300, which will most likely be for 6 years.
Your 3rd option, and not to be taken lightly, is bankruptcy, discharged after a year, IPA for 3 years, that would get you out of debt the quickest.
All options have a negative effect on your credit file for 6 years anyway.
Your choice in the end, for me DMP or bankruptcy would be my choice, IVA s are usually used if you have a property to protect.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 -
Ive been in contact with 3 Charities regarding debt advice
all of them have come back after around an hour phone call with each one and said an IVA is the best option..
3 charities - so National Debtline, Stepchange and ... who's the third?
Why are they not recommending bankruptcy?0
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