Lightbulb moment. Almost £60k
DFW1979
Posts: 5 Forumite
Lightbulb.
I’ve been slowly gathering debt over the last decade plus. Spending on credit cards, transferring to 0% (thinking i’m oh so clever) and starting again.
Finally reached breaking point this week. 0% deals all coming to an end and nowhere else to turn. It’s the first time i’ve put down everything I owe on one page and, boy, is it scary.
I’ve been In touch with one ccard company so far (the debt is split across 5 cards & 1 personal loan) and had a 6 month dmp agreed, but realise that this offers just a brief respite.
Spoken to StepChange who have recommended an IVA so am tackling it head on. I’m uneasy that I likely won’t pay off the full amount under this agreement as I recognise that this is nobody’s fault but mine. However, I think that an IVA turns a light on at the end of the tunnel and gives me an end date to aim for.
I’ve got a manageable budget sorted and will work to pay off as much of my debt as possible.
Early days yet - i’m still waiting for the IVA paperwork to come through and I realise that there’s a long way to go, but i’m Confident that i’ll Get through it and, in 5-6 years, come out in a better place.
I’ve been slowly gathering debt over the last decade plus. Spending on credit cards, transferring to 0% (thinking i’m oh so clever) and starting again.
Finally reached breaking point this week. 0% deals all coming to an end and nowhere else to turn. It’s the first time i’ve put down everything I owe on one page and, boy, is it scary.
I’ve been In touch with one ccard company so far (the debt is split across 5 cards & 1 personal loan) and had a 6 month dmp agreed, but realise that this offers just a brief respite.
Spoken to StepChange who have recommended an IVA so am tackling it head on. I’m uneasy that I likely won’t pay off the full amount under this agreement as I recognise that this is nobody’s fault but mine. However, I think that an IVA turns a light on at the end of the tunnel and gives me an end date to aim for.
I’ve got a manageable budget sorted and will work to pay off as much of my debt as possible.
Early days yet - i’m still waiting for the IVA paperwork to come through and I realise that there’s a long way to go, but i’m Confident that i’ll Get through it and, in 5-6 years, come out in a better place.
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Comments
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My debt was a similar amount to yours, my IVA lasted 6 years.
One thing I would stress is make sure you budget correctly, most IVA;s fail due to not doing so, forget about paying off as much debt as possible, you need a workable budget or it will fail.
As long as you keep up the payments, things will tick along nicely, and it is a breath of fresh air not relying on credit anymore.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 -
Thank you Sourcrates. Early days yet but it’s already feeling like a weight’s been lifted now that i’ve opened my eyes.
I’m still waiting for everything to be finalised but think i’ve got a budget I can stick to.0 -
Well, things changed since April 2018.
My situation improved slightly and so I've entered into a DMP as opposed to an IVA.
My first payment to Stepchange went out this week and, for the first time in a long time, i can see a light at the end of the tunnel.0 -
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