Advice please

[alperin]

Advice please. I have accrued debts of approx 29k on 3 credit cards(8k, £1700 & £700, and a bank loan(19k). Although i have not defaulted on any payments i have been hit with quite a few bank charges for going overdrawn. My salary is 30k which gives me approx £1850 per month. Rent is £725 p/m. Household bills of approx £275 p/m(C/tax, water, gas etc), Debts £600 p/m. The rest gets used up on supporting young family. We do get approx £165 p/m from child tax credits. I'm thinking along the lines of an IVA. Also, am selling the family car £3-4k. Where would the money be best put if i sell before (and if)the iva goes through?

Thanks in advance.

Andy

[Adam Davies]

Hi Andy
You have the lion share of your debt with your bank and as such you may find it difficult for them to agree to an IVA.
Have you spoken with an IVA provider yet ?
You could use the car sale to pay off two of your credit cards in full,would this leave you enough money to live on ?
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[alperin]

Hi Andy

Thanks for getting back to me. I have spoken breifly with an IVA provider but i'm still in early days with this whole idea and am really just trying to get a feel for it. By paying off the 2 cards i would probably only benefit by about £75 per month. Yes a benefit, but not massive. One idea i was looking at was to move money around on my cards to get 0% on as much as possible. Barclaycard(8k) monthly payment is about £180 p/m of which £125 is interest p/m!! dis-heartening to say the least. Going on from this, barclays have my loan along with barclaycard having the 'big' card... Would this act against me with an IVA??

Andy

[Adam Davies]

Hi
So you have 27k of your 29k debt with Barclays ?If so then you,d be better negotiating with them direct if you really are struggling.How long have you left on the loan ?? Your idea of looking for a 0% card would be a great move.Just be sure to cut up the card that you transfer the balance off.
Good luck and please post as much as possible
Regards


Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[alperin]

Loan is only about a year old, leaving approx 6 years on it. If i was to pay off my other cards leaving just the money owing to 'barclays' (i.e. Barclaycard and barclays) is there a cap on how long the loan can be taken over or is this a situation of ' every case being individual?'.

Thanks again

Andy

[Adam Davies]

Hi
I,m not aware of ime limits although I can,t recall personal loans being available to repay over more than ten years.I,m sure Barclays will be able to assist....its in their best interest to do so.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp