Hi I could do with some advice please.

[longcon2]

Natwest
16500 loan (3 months ) 435pm
1500 overdraft (5 years) minimum payment.
3000 loans 2 go (6 months ) 237pm
400 lending stream (1 month) 155pm
390 lending stream (1 month) 155pm
400 cashfloat ( 2 months) 155pm
500 moneyboat ( 1 week) 155pm
1200 credit card 118118 min payment
1200 credit card vanquis bank min payment
1000 credit card wave min payment
900 credit card marbles min payment
2000 shop direct catalogue min payment.

Hi all first post here above is my total debts I have acquired over the last year. When its added up I have zero left to live on and I have to borrow more to pay bills like shopping,council tax and electric plus others.

Im not sure a iva is the best option for me because I dont have any rent to pay I live in my parents other house and I disclosed to natwest I dont pay rent.
I have no problem paying back what I owe because I borrowed it but the repayments are staggering and I literally work to pay them in the short term the pay day loans would be completed by Christmas so I would be better off by then!
Would i be better off arguing that the pay day loans should not have been issued?
Same with the loans 2 go i have read that they will give you interest back.

I know I can contact natwest and ask for a repayment break.
Or can anyone suggest another way out of this mess?
Like I said iva wise I dont pay rent so just basic bills,car insurance, car repairs, mobile phone contracts for me and my 2 children 1 dependant 1 not child maintenance. Im not too sure what I can claim for under a iva if I went that way.
Tbh in 2 years if I didnt borrow again all the small loans would be payed off and it would just leave natwest, catalogue and credit cards to sort.
Is it worth trying to argue with these companies to get interest knocked off or just go for a iva? Either way I would like to keep the kids contracts on the go is that possible? Any advice is greatly appreciated

[Mrs_Brown]

Not an expert, but I am 4.5yrs into an IVA. I had slightly more debts than you. Since mine started the rules for DRO have changed and the threshold is up to £30000, so as you seem around that mark, have you considered that? The link below is stepchange site with info, apologies to admins if I shouldn't have linked it. I couldn't have done this because when I went through the process the DRO cap was £20k but if I was looking now I probably would go that way.

https://www.stepchange.org/how-we-help/ ... ucQAvD_BwE

[Breezy]

As well as the DRO route Mrs Brown suggests, if, as you say, it would be possible to clear the smaller loans in the next couple of years, leaving the larger loans more manageable thereafter. a debt management plan might work. Again StepChange are the ones to chat to about that. Usually in a DMP creditors will agree to freeze interest for a period while you make reduced, agreed, payments.

[longcon2]

Thanks for the advice I will contact them via phone I have tried to do the online session but apparently my outgoings are more than my income before the debts.
Iam just looking for the easiest solution tbh like I have said before I have no problems in paying what I owe just the high interest rates of most of my loans are appalling.
Has anyone complained to these companies and managed to get the interest removed? I have read that loans 2 go definitely offer a reduced payment plan im not sure about the other pay day loans but they have not checked me right because surely someone who takes loan after loan is in some form of hardship.
What im not wanting is a million phone calls and letters and bailiffs showing up. Thats what iam trying to avoid.
But having a close look at my finances its clear to see I cannot afford the repayments.
If I decided to do a iva or a dro whats the best option should I continue to pay these debts until its sorted or should I get a new bank account and get my wages paid in there and pay some and not others?
Its all a bit confusing and I dont know what to do for the best

[bowline]

With no assets to protect there is no reason to consider an IVA. A DMP can get you into a safe financial position where you only pay what you can afford each month so phone Step Change.

You might be able to get the interest removed from balances if the loan is decided to be irresponsible. I haven't come across Loans To Go but you should make claims against every lender you have borrowed from recently, including Nat West. There are templates on the Debt Camel website you can use for eample https://debtcamel.co.uk/refunds-large-high-cost-loans/.

Anyone who takes several loans from a payday lender or who takes a large loan should look at these options before starting an IVA because when you are in an IVA the refunds or reductions just go to the IVA firm for your creditors and they do not reduce the amount you pay or end your IVA earlier. In a DMP your DMP will end sooner the more claims you win.