Hi, all so the cost of living has swamped me, problem is we were in an IVA about 5 years ago as well sadly ended up like this again mainly due to the pandemic, cost of living and some high-interest loans. Yes I know I've made a mistake again
I thought a DRO would be good, but not sure can keep the car, and also debt management plan was going to try but IVA might be best.
Going to contact step change, but before I do a bit of advice.
I have a car on HP it's worth £7,500 we really need our car for a number of reasons and living in a village would we be able to keep it?
Also, I have a loan through commsave credit union are these allowed in an IVA?
I feel so stupid and disgusted getting into debt again
I rent a house we could handle everything then our cost of living must have gone up nearly 300 plus pounds a month and our daughter has moved out so these changes put us under.
My commsave is 3000
car is 5000
Then credit cards, store cards and little loans are another 10,000
we pay £620 a month and a lot of that is minimum payments.
The biggest credit card is £1300 then mainly all little debts under a thousand.
Think a DMP be better?
Thank you for the advice.
PS: Another thing is I stupidly took a 3k loan out to try to pay a couple of credit cards. Only made a couple of payments will this be accepted into the IVA?