www.iva.co.uk

Hello,
I can’t believe i am having to write this, i am 21yrs old and over the past 4 years have had 2 cars which both have broke down due to engine problems. (Not from fast driving tho...Just my luck) I have just been hiding from this for years....

With my first car being totally knackered (without a new engine) i was push into buying a new £12,000 car... (Long story). Then that car started with problems, to cut a long story short i am now left with £24,500 of debt on one loan from the RBS bank. At 18.2% i feel i am getting no where...I just don’t know what to do...the debt is really taking its tole on me!! All i have out of £24,500 worth of debt is a £4,500 car.

Is they anything i can do? That will help me get rid of this...
Many Thanks
Rob

Hi and welcome.

Is this loan the only debt you have? If so, you wouldn't be able to do an IVA. You can try and negotiate lower payments with RBS.

Other than bankruptcy, I don't think there is a lot you can do.

Hi and welcome to the forum.

As Jan says if the debt to RBS is your only debt an IVA won't be suitable. You may be able to negotiate lower payments with RBS, or failing that bankruptcy is an option.