I am struggling, with little option to rent

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jacqui.a

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Post by jacqui.a » Tue Jul 08, 2008 4:10 pm
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Hi,
I am considering taking out an IVA - I have two loans stretching to around £30,000 in total. I do not own my own property and am in a salaried income. However, in order to 'get rid' of the majority of the loans quicker to reduce the interest, I am struggling. If I continue to pay my larger loan it will go on for five years. This leaves me with little option with living arrangements - I can only house share and cannot afford to rent somewhere on my own. Can you advise? Many thanks, Jacqui
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quark2008

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Post by quark2008 » Tue Jul 08, 2008 4:14 pm
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Are you happy sharing ?#13;#10;
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MelanieGiles

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Post by MelanieGiles » Tue Jul 08, 2008 6:27 pm
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Hi jacqui and welcome to the forum

If you only have two loans in total then an IVA is not a suitable option for you. It might be better to speak to the loan companies concerned, to see if they could restructure the repayment period for you to help with reduced payments. By cutting your expenses for a while, you might even be able to get them paid off earlier.
Regards, Melanie Giles, Insolvency Practitioner
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