www.iva.co.uk

Hi im not to sure which way to go?

Im currently in around £22000 worth of debt, I earn £1320 per month. Im struggling to afford monthly payments of all my debts and i am slowly falling behind on repayments.

Ive been told to either get a unsecured loan so ill only have one monthly repayment, but my credit history isnt good so unable to get a loan.

Or an IVA?

Which option would be best and could you point me in the right direction.

Many Thanks

Hi and welcome to the forum.

Take a look at www.iva.com there you will find a list of Insolvency Practitioners and reviews on each.
Give a couple of them a ring. They will give you advice on all sollutions available to you and the pros and cons of each.

The main thing is that you have admitted to yourself that you are in financial trouble. There WILL be a sollution for it.

Good luck

If you are falling behind on your repayments then an unsecured loan is out of the question anyway as your credit rating will have been damaged.

An IVA may be a solution for you, it really depends on your circumstances. Are you a homeowner? If so, is there any equity in your property?

We may be able to guide you further once we have a little more info..

Regards.

No harm in trying to get another unsecured loan, if this could enable a complete consolidation of your current debts and deliver an affordable repayment, but as Size 5 says you may find this difficult if your credit rating is impaired.

There are several other options you might wish to consider, such as an IVA, DMP or even bankruptcy proceedings. Have a chat with an insolvency practitioner to see what options are available to you.

Yes - visit www.iva.com and see reviews on IP's and select one or two for a chat. Let us know how you get on.

By speaking to an Insolvency Practitioner you will get good solid advice with all your options explained to you and you can decide on the best way forward for you.

I think you should call as soon as possible.