cant get out of this mess

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o27

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Post by o27 » Sat Mar 08, 2008 8:27 am
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Im a house owner, I want some advice on my financial situation. 1 credit card owing £1,200, Loan from Central Trust PLC owing £16,000 and paying £468 a month. Im stuck in a rut and cant get out of this mess. Please cant you help, thank you.
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Lisa2009

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Post by Lisa2009 » Sat Mar 08, 2008 8:30 am
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Im sure i will be corrected if im wrong but i think as you only have 2 creditors you wont be able to enter an IVA.
A Debt management Plan may be your best option
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
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angela18

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Post by angela18 » Sat Mar 08, 2008 8:58 am
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i think you are right Mrs Skint. hopefully someone will be along shortly to give more information
Ang.. 13 payments in.. WOW, thats over 20% paid!! http://angela18.blogs.iva.co.uk/ well here we go

if you wish for a rainbow... then you have to put up with the rain xx
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pixie

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Post by pixie » Sat Mar 08, 2008 9:04 am
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Do you have any equity in the property? If so it may be possible to release some of this by remortgaging. otherwise as said, a dmp could be an option. One of the experts will be able to advise better!
Pixie
'Welcome to where ever you are, this is your life you've made it this far, welcome, you've got to believe right here right now is exactly where you're meant to be'
IVA started may 07 ended dec 08
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Adam Davies

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Post by Adam Davies » Sat Mar 08, 2008 11:10 am
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Hi
All the above are correct,you need a minimum of three lines of credit over two lenders to be considered for an IVA.I would guess that your house equity is greater than 17k,if so you are technicaly not insolvent therefore again not suitable for an IVA.
Your options are a DMP or,and my advice,to contact each creditor to see if you can reduce the repayments by extending the lengh of time to repay each debt
Regards
Andam Davies
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