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Posted: Tue Aug 12, 2008 7:40 am
by mina
iam in £2000 in debt i have a managed loan but its not been paid off only interest iam not working i am in receiept of benifits i can not afford all the bills iam paying
Posted: Tue Aug 12, 2008 8:36 am
by Wizzard
On what you have said you wouldn't be eligible for an IVA but there are other ways to approach debt, one of which is to talk to your local Citizens Advice Bureau. Of course, being a rank amateur I could be totally wrong so I am sure that an expert will be along soon to put me right and give you better advice ... welcome to the forum
Posted: Tue Aug 12, 2008 8:50 am
by plasticdaft
Who is managed loan looked after by??
Posted: Tue Aug 12, 2008 8:59 am
by LoneRanger
Is the managed loan with HSBC? They offer managed loans for people struggling to repay debts with themselves but they are over a long period and the interest is quite high.
Posted: Tue Aug 12, 2008 9:41 am
by kallis3
Hi Mina and welcome. Did you mean £2,000 or £20,000?
You are right Ray, if Mina is only on benefits, she cannot take out an IVA, plus if it is £2,000 that is not enough, but I suspect she has probably just missed a nought out!
We were offered a managed loan with HSBC when we were in a DMP, but turned it down as we couldn't afford the repayments. They even sent the papers through and thanked us for applying! Cheek!
If you don't own your property Mina, I rather suspect that bankruptcy would be the best option for you. You could always see about a Debt Management programme.
Posted: Tue Aug 12, 2008 9:53 am
by moretolife
welcome to forum mina....hope you get some help on here....
Posted: Tue Aug 12, 2008 11:05 am
by Skippy
If you only have one creditor and a debt of £2000 an IVA wouldn't be possible. BR is an option, although it seems a shame to go BR for a small amount, although I do appreciate it's not a small amount for you.
I would suggest talking to the CCCS, who will be able to advise you of your options. There is a way forward for you, and they will be able to help.
Good luck x
Posted: Tue Aug 12, 2008 11:05 am
by Viki.W
Hey Mina, welcome to the forum. There will be a solution to your problem. If you could post a few more details about your debts and your job situation then we can help further. X