Ive been stupid

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MissReckless
MissReckless Posts: 10 Forumite
in IVA & DRO
Hey guys my First post!

Me and my partner are in 37k of debt.
I spoke to step changers today they advised iva or dmp as we are home owners( No Equity)

My worry is 20k of this debt is only 6month ago with several loans with garrantor loans with high interest.

Anyhow its come to the point were we can no longer keep up the payments but i am so worried about these loans as they are so recent And these loans was very stupid of us to take out
We were just desperate at the time.
I wish i could turn back time.

Will There be consequences to this :(

Comments

  • PrettyKittyKat
    PrettyKittyKat Posts: 1,270 Forumite
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    Welcome to the forum MissReckless.

    What's done is done - you have taken the loans so there is no point beating yourself up about this now. The important thing is that you have faced the fact that you can't keep up with payments and you are looking for a solution - this is really hard to do so well done!

    There are consequences to both a DMP and an IVA. The main consequence being you can't take out extra credit (but hopefully that is something you would want to do anyway!)

    Have you filled out a statement of affairs yet? If you haven't fill out one of these and post it on here. There are lots of people who can give you advice on maybe where you could save money and on which debt solution may be best for you.
  • MissReckless
    MissReckless Posts: 10 Forumite
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    Hiya

    Thank you i will do!
    Just really worried taking out a stupid 10k loan with bamboo and amigo
    I dont know what we thinking.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    Where has the £20,000 gone? Can you not sell the stuff you have bought and clear some of the higher interest debt?

    You may find that if you go into IVA or DMP then your guarantor will pay for their loans and you will be in less debt.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    Just see on the other thread that you owe your parents £14,000 as well totaling £54,000.

    Not sure if you can include family debt in an IVA but probably best talk to them before you do anything further.
  • phillw
    phillw Posts: 5,594 Forumite
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    foxy-stoat wrote: »
    Not sure if you can include family debt in an IVA but probably best talk to them before you do anything further.

    You can, but you won't be paying them back in either case.

    https://ivainformation.com/articles/debt-to-family-or-friends-and-an-iva
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