barely any money left what can i do?

[algorithm]

Would an IVA help in this matter, My main problems really are my 2 barclay loans and two blackhorse loans.

[Andrew Graveson]

I don't think that an IVA will be available to you with £7000 of debt.

Nor would it be in your interests necessarily if you are in a position to repay the full debt within a period less than that which is usual in an IVA.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[algorithm]

thats the problem. i cant repay all my creditors at once. if i miss one payment, i get penalty and regardless if i contact them or not, things just get worse

[Andrew Graveson]

That's why Melanie is suggesting that a DMP might work for you.

Unless the cycle is broken by an agreement being put in place with each of your creditors I fear you are right that the situation is unlikely to improve.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[algorithm]

How would the debt management plan work. Would they contact the creditors and arrange something.

[Andrew Graveson]

That's exactly what they'd be working to do.

They would work with you to put together a fair income and expenditure statement. This will demonstrate to the creditors how much you are actually able to pay on a monthly basis.

This amount would be offered to your creditors, but split up so that they are paid fairly according to the amount that you owe them. For example it would be usual for a creditor owed £200 to be offered twice as much as a creditor offered £100.

The DMP company should then negotiate with your creditors to agree to this reduced but viable payment. Generally the return offered to creditors is more attractive to them than continued collections activity and/or expensive legal action.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[algorithm]

Thats great. any online sites, etc. i live in east end area of london

[Andrew Graveson]

There are two main options for you:

Non fee charging: Organisations such as CCCS and Payplan who are paid by your creditors. In other posts around this forum there have been questions raised as to whether they actually work for you or your creditors. See:
http://www.iva.co.uk/forum/topic.asp?wh ... 7238#56892
To be fair if they come up with a manageable budget for you, provide the level of service that you expect, and do their best to encourage your creditors to freeze the interest, then this could be the quickest way to repay the debt.

Fee charging: Companies such as ourselves (there are plenty of others) who will charge you to represent you in such negotiations. There are good and bad out there; choose wisely.

Unless it's important to you to have a face to face meeting geographical location is unimportant as most companies can properly handle your case by telephone/email/post.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk