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  • FIRST POST
    • Morfx
    • By Morfx 10th Jan 20, 5:23 PM
    • 3Posts
    • 0Thanks
    Morfx
    Advice needed.. IVA or Bankruptcy?
    • #1
    • 10th Jan 20, 5:23 PM
    Advice needed.. IVA or Bankruptcy? 10th Jan 20 at 5:23 PM
    Any advice muchly appreciated..

    I'm currently 40k in debt, 18k on credit cards 22k on loans..
    I'm making the minimum payment each month on the cards and up-to-date with my loan repayments, I'm barely getting by each month, paying roughly 1000 a month but not bring my credit card debt down.

    Ive had the card debts for nearly 5 years and constantly switching to avoid the interest..

    I can't do this anymore... Help!!
Page 1
    • MovingForwards
    • By MovingForwards 10th Jan 20, 6:30 PM
    • 3,019 Posts
    • 3,625 Thanks
    MovingForwards
    • #2
    • 10th Jan 20, 6:30 PM
    • #2
    • 10th Jan 20, 6:30 PM
    If you can post a full statement of affairs we can look and say what options are available to you.

    It will get easier, I know it doesn't seem like it at the moment.
    • sourcrates
    • By sourcrates 10th Jan 20, 6:32 PM
    • 19,111 Posts
    • 18,040 Thanks
    sourcrates
    • #3
    • 10th Jan 20, 6:32 PM
    • #3
    • 10th Jan 20, 6:32 PM
    Hi,

    What are your home circumstances, do you have any assets, are you a homeowner ?
    Basically without knowing the full picture, IVA `s are designed for people with massive debts, but who also have assets like a house to protect.

    Bankrupcy is mainly for those who have non of the above, but it does depend on your personal circumstances.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    forumteam@moneysavingexpert.com.
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
    • Alexandraemm
    • By Alexandraemm 10th Jan 20, 6:41 PM
    • 1 Posts
    • 0 Thanks
    Alexandraemm
    • #4
    • 10th Jan 20, 6:41 PM
    • #4
    • 10th Jan 20, 6:41 PM
    Am I allowed to say Freeman Jones ? I am a home owner with an IVA ....
    • Morfx
    • By Morfx 13th Jan 20, 5:23 PM
    • 3 Posts
    • 0 Thanks
    Morfx
    • #5
    • 13th Jan 20, 5:23 PM
    • #5
    • 13th Jan 20, 5:23 PM
    I have no Assets, rented council accommodation, banger of a car.. no high ticket items.. thinking Bankruptcy is my best option?
    • foxy-stoat
    • By foxy-stoat 14th Jan 20, 5:17 PM
    • 5,696 Posts
    • 3,533 Thanks
    foxy-stoat
    • #6
    • 14th Jan 20, 5:17 PM
    • #6
    • 14th Jan 20, 5:17 PM
    Am I allowed to say Freeman Jones ? I am a home owner with an IVA ....
    Originally posted by Alexandraemm

    You can say what you like.
    • foxy-stoat
    • By foxy-stoat 14th Jan 20, 5:19 PM
    • 5,696 Posts
    • 3,533 Thanks
    foxy-stoat
    • #7
    • 14th Jan 20, 5:19 PM
    • #7
    • 14th Jan 20, 5:19 PM
    Any advice muchly appreciated..

    I'm currently 40k in debt, 18k on credit cards 22k on loans..
    I'm making the minimum payment each month on the cards and up-to-date with my loan repayments, I'm barely getting by each month, paying roughly 1000 a month but not bring my credit card debt down.

    Ive had the card debts for nearly 5 years and constantly switching to avoid the interest..

    I can't do this anymore... Help!!
    Originally posted by Morfx
    If your only paying the minimums then your 0% interest WILL run out at some point and it will become very expensive. If the loan is a high interest one over a long period then you are doomed.

    If you can be a bankrupt in your job then that might be the way forward.
    • DCFC79
    • By DCFC79 15th Jan 20, 12:15 PM
    • 35,622 Posts
    • 22,488 Thanks
    DCFC79
    • #8
    • 15th Jan 20, 12:15 PM
    • #8
    • 15th Jan 20, 12:15 PM
    Am I allowed to say Freeman Jones ? I am a home owner with an IVA ....
    Originally posted by Alexandraemm

    That's interesting to know, thanks.
    • DCFC79
    • By DCFC79 15th Jan 20, 12:19 PM
    • 35,622 Posts
    • 22,488 Thanks
    DCFC79
    • #9
    • 15th Jan 20, 12:19 PM
    • #9
    • 15th Jan 20, 12:19 PM
    OP post an soa, can get some great advice, just don't make the wrong move.
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