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Posted: Thu Nov 13, 2008 6:02 pm
by jasonh
Im in arrears with both my Nationwide personal loan & Nationwide credit card. Even though Nationwide see them as 2 separate products have i techically got 1 creditor or 2 ??? Im 4yrs through a 7yr payment plan for my loan & pay £352.51 a month & still owe approx £13000. Also owe my c/card approx £13000 also. Im self employed.. is an iva an ption for me ???
Posted: Thu Nov 13, 2008 6:11 pm
by Viki.W
Hey jasonh, welcome to the forum. It's classed as one creditor, do you have any other debts at all? If not then it would be advisable to approach Nationwide directly and tell them you are struggling.
Posted: Thu Nov 13, 2008 8:24 pm
by MelanieGiles
It is one creditor with two lines of credit. So if these are your only debts, then an IVA will not be possible I am afraid.
Posted: Thu Nov 13, 2008 11:52 pm
by size5
If you are banking with Nationwide then you need to move banks before things get worse, however I suspect that you may have already done that.
It is not possible to give you a definitive answer as to the right course for you to take with such little information, but it does look like either DMP or BR may be favourite, depending on your personal circumstances.
Regards.
Posted: Fri Nov 14, 2008 11:58 am
by Michael Peoples
Hi Jason.
You say that you are self employed. In what capacity? Do you owe HM Revenue & Customs tax, VAT or PAYE? Do you have any trade creditors? Do you lease a premise?
These questions are important as there may be creditors other than Nationwide and an IVA may actually be not only an option but the best option.