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Posted: Sat Mar 08, 2008 8:27 am
by o27
Im a house owner, I want some advice on my financial situation. 1 credit card owing £1,200, Loan from Central Trust PLC owing £16,000 and paying £468 a month. Im stuck in a rut and cant get out of this mess. Please cant you help, thank you.
Posted: Sat Mar 08, 2008 8:30 am
by Lisa2009
Im sure i will be corrected if im wrong but i think as you only have 2 creditors you wont be able to enter an IVA.
A Debt management Plan may be your best option
Posted: Sat Mar 08, 2008 8:58 am
by angela18
i think you are right Mrs Skint. hopefully someone will be along shortly to give more information
Posted: Sat Mar 08, 2008 9:04 am
by pixie
Do you have any equity in the property? If so it may be possible to release some of this by remortgaging. otherwise as said, a dmp could be an option. One of the experts will be able to advise better!
Posted: Sat Mar 08, 2008 11:10 am
by Adam Davies
Hi
All the above are correct,you need a minimum of three lines of credit over two lenders to be considered for an IVA.I would guess that your house equity is greater than 17k,if so you are technicaly not insolvent therefore again not suitable for an IVA.
Your options are a DMP or,and my advice,to contact each creditor to see if you can reduce the repayments by extending the lengh of time to repay each debt
Regards