Advice please

[Holly_madi]

Hello,

I was just wondering if i could get some advice regarding IVA's.
I have around 17k of debt and have already 2 CCJ's against my name im strugling to pay the monthly payments to my credit cards and Loans. I really loosing sleep over this and worried what shall i do?

[Lisa2009]

It would help the experts if you could post a few more details. How many creditors do you have and who are they, are you a home owner with any equity?

[Holly_madi]

Ohh ok sorry. I have 6 Creditors who are Lloyds, Capital One, Barclays, Abbey and Littlewoods. No i do not own a property i flat share with friends. But i would like to buy a flat soon.

[iva experts]

Hi Holly and Welcome to the Forum!

I would contact at least 2 or 3 debt solution companies to get some advice on your current situation, what is your disposable income (income minus living expenses)?

You can still enter into an IVA eventhough you have CCJ's, they will need to be included in your creditors list, when your IVA is accepted your CCJ's then get overwritten by the IVA.
It is probably best to keep paying your CCJ's until the IVA is accepted.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[MelanieGiles]

Hi Holly

An IVA could work for you, but you do have a relatively low level of debt. Have you thought about restructuring your finances by cutting our all essential expenditure to see if you could manage to pay off the debts?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[johnpaul]

hi there holly can i ask how much per month you are paying back to creditors i can only think it must be costing you about £500 per month that 17k of debt i am sure that lloyds tsb could help they are very good and cheap for loans eg i got a £7.500 loan they gave me a 5 month break then was paying £209.15 per month i agree with melanie might be best to put your debt into one basket only then i debt and one creditor rather than have 6 creditors

JOHNPAUL

[johnpaul]

i will try and have a look how much a 17k loan would cost holly

JOHNPAUL

[johnpaul]

hi holly been on some loan sites lloyds tsb for that 17k want £431.00 per month but the best one i have seen if you go to
www.smartcashloans.co.uk
that 17k of debt will cost you £322.76 per month
and they acept people with ccjs and defaults

JOHNPAUL

[Skippy]

Can I just say that if you are thinking of a consolidation loan please make sure you can be disciplined enough to cut up ALL of your credit cards. I had consolidation loans and if (like a lot of people) you are not disciplined the debts will keep mounting as you use the cards when you are short of money.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[johnpaul]

holly skippy is right please cut all of your credit cards up as you might use them if you get the debt consolidation loan dont get any more credit if you and the discipline is if you cant aford it dont have it and you will get debt free in no time maybe 5 years with damaging your credit file to much the ccjs will be on file for 6 years but good luck and please keep us informed

JOHNPAUL

[Holly_madi]

Hi JohnPaul,

Im currently paying £350 a month on rent and my debts are costing me around £650 a month i also have various other things which i pay for per month. And i always seem to at the end of the month use my cards again so i never seem to be paying them off, i feel like im going round in circles. I have tried to get a loan but due to my 2 CCJ's i dont seem to be getting anywhere?? What other options do i have? Are there loan companies that will still accept me for a loan?

[Holly_madi]

Hi Skippy13

Thanks for your great advice, i was just telling johnpaul that i have 2 CCJ's against my name and im finding it really hard to get anyone to give me a loan with my credit history. So do i have to little Debt for an IVA?

[johnpaul]

hi there holly thank you for your fast repley £650 per month seems like a lot of money for 17k of debt i am nearly 30k in debt was paying £650 per month hoping they say yes to my iva which will cost me £265 per month
did you check out that web site holly
www.smartcashloans.co.uk

JOHNPAUL

[johnpaul]

www.smartcashloans.co.uk acept people with ccjs the only other thing if you cant get a loan is to see if melanie giles can come up with something maybe contacting a debt company
www.gregorypennington.co.uk

JOHNPAUL

[Skippy]

If I were you I would sit down and work out a budget - list all your essential outgoings (not including your loan and credit card repayments). Deduct this total from your income and this will give you your disposable income. I would then speak to a debt management company (I think the one Melanie recommends is Brightoak) as you may well be able to enter into a DMP and pay off your debts in full.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/