im just so glad that last year i finally decided to face the the facts and sort my financial situation by entering into an iva. sometimes i think another 4 years is a long time but its better than receiving 3/4 letters everyday from creditors and sleepless nights thinking how am i going to pay this and that. i know some months im going to struggle, i already have but there is light at the end of the tunnel, even after 11 payments.
Even though the figures might not be totally correct - they are scary, and those are just the ones who have done something about their situation.
How many out there are still struggling?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The reason that article is a little skewed is that if you do the maths then the average amount per month available to pay that level of average debt is £15, which is not representative of the vast majority of cases. That is borne out somewhat by the statement that only a third of its cases would be eligible for the DRO.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
With the DRO, would those eligible only be able to do it once?
Don't wish to sound a snob, but it is aimed at the very low paid. What I wonder is, just how many of those will start to run up debts again as soon as their other ones are written off? Christmas springs to mind as they do all seem to get into big debt at that time of year.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
kallis3 wrote:
With the DRO, would those eligible only be able to do it once?
Don't wish to sound a snob, but it is aimed at the very low paid. What I wonder is, just how many of those will start to run up debts again as soon as their other ones are written off? Christmas springs to mind as they do all seem to get into big debt at that time of year.
SNOB!![:D]
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Me? What was drug up on a council estate?[:D][:D][:D]
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I do apologise to anyone who might be offended by my previous post - I wasn't tarring everyone with the same brush!
Paul, what are you like![:D][:D]
Never touched an illegal substance in me life!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I suppose thinking about it, it should be shot for 6 years the same as any other debt resolution.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
For every one person who goes insolvent I am willing to bet (if I had any money to bet with but don't do that sort of thing[:)] there are 10 that are burying their heads or making the best of it! several of my friends are in this situation although they don't make it known, my flat mate pays over £300 interest per month on one credit card! god I don't miss that!!!
size5 wrote:
I don't think the credit files on people who have had DRO's will stand further borrowings for a long time after.
Regards.
Loan sharks and companies like provident(189%apr)dont use CRF's though. And the people likely to use the DRO's wont be walking into high street banks to get a platinum credit card.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
That's very true Paul. They'll still be preying on the low income families.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Fair point, but it would take a hell of a long time to build up the level of debt indicated in the report with those companies, and whilst they don't use the CRA's as you say, they are unlikely to lend to the same people again that they have lost money to previously either.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
