I am currently in debt to around 40,000 on cards loans etc... I am not in arrears with any of these but have recently inadvertantly paid one of my accounts a week late after completely forgetting to pay it. I have previously had this happen a few years ago when all of my other creditors started to withdraw their credit in some cases dropping it to below what was already owed eg 5k balance dropped to 2k limit whereby i had to pay the 3k back to the bank straight away to keep me within the limit. If this should happen again i would have to look at an IVA as this would not be possible. I do not have enough equity in my home to remortgate and cannot be considered for an unsecured loan for consolidation as i have too many outstanding debts even though these would be paid off with the loan. It seems a shame that i should have to take such drastic action but there does not seem to be another option
Hi Speak to several companies and experts and talk through your options. Filling out an income and expenditure form will help you understand options available and how much you can afford to pay your creditors each month Regards
Andy Davie, IVA.co.uk spokesperson and a Debt Advisor If you need any help or advice about the various debt solutions available please contact me via my website at www.andydavie.com Author of "Real life IVA stories" and Debt Counsellor of the year finalist 2010
They key to identifying your problem is to make three lists:-
Firstly a list of all of your household income Secondly a list of all your household and general expenditure - including contingency monies Thirdly a list of all of your creditors and the amounts of the monthly minimum repayments
Deduct the total of list 2 from list one and see if you are left with enough money to pay the amounts totalled at list 3. If the answer is no - then you are insolvent and ought to seek professional advice with regards to your options.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
Visit www.iva.com for a list of companies and reviews and give a couple a ring. The advice is free and impartial and you will be told about all the options open to you.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
I am currently in debt to around 40,000
Posted - 09 February 2010 : 17:26:12
