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Posted: Wed Apr 27, 2011 5:31 pm
by bez007
hi everyone
first post so please be nice.
i would like to know if an iva would be the best possible solution to my debt problem. here are the details:
2 creditors - bank/credit cards
total monthly debt repayments - £520
total monthly bills - £720
total monthly wage (net) - £1150
profit/loss - - £90 per month
so as you can see i'm in the red each month and digging myself deeper through credit cards. i have never had a problem paying paying these debts before but recently my circumstances have changed and i'm really struggling.
any help or advice would be appreciated
thanks
dave
Posted: Wed Apr 27, 2011 5:48 pm
by kallis3
Hi Bez and welcome to the forum.
We will always be nice on here and welcome new posters!
Firstly, how much is your total debt and do you have more than three lines of credit with your creditors?
I would speak with a professional - visit
www.iva.com for a list of companies and reviews and give one or two a ring. The advice is free and impartial and will help you sort out the best solution.
Posted: Wed Apr 27, 2011 5:50 pm
by Broke of London
Hi Bez and welcome! An iva may be one solution but to weigh up all your options you would need to speak to a professional - they are very friendly!! There is a list of recommended firms at
www.iva.com and all come with customer recommendations. Good luck and let us know how you get on xx
Posted: Wed Apr 27, 2011 5:57 pm
by bez007
thanks for your swift replies. my total debt is around 18/19k and is made up of:
1 loan
2 credit cards
1 overdraft
thanks for the advice i'll check the website
Posted: Wed Apr 27, 2011 6:00 pm
by kallis3
You may be ok for an IVA then - the professionals who post on here come recommended. It is hard to pick up the phone but will be worth it in the end.
Posted: Wed Apr 27, 2011 6:03 pm
by plasticdaft
Haha we are always nice!! Welcome to the forum. Contact a few companies as clearly your situation is only going to get worse.
Paul
Posted: Wed Apr 27, 2011 6:26 pm
by Foggy
Welcome! Don't fret about ring one or two of the companies in the links given above. They aren't there to judge, but to help you find a way back to financial normality and they will help you to get things settled in your mind before deciding what to do. Best of luck and make that call (you know it makes sense).
Posted: Wed Apr 27, 2011 8:15 pm
by ginger3232
bez007 - welcome to the forum !
I can not add to anything everyone else is saying.
Posted: Thu Apr 28, 2011 7:32 am
by Julie.je
Hi welcome from me too!
Can only echo all the advice above.
Good Luck and keep posting x