www.iva.co.uk

I currently have catalogue debts/payday loans to the valule of £2500 (approximately). I have now finished full time work and am going to university in a month's time. Is there anything i can do about this debt because obviously being a full time student will enable me to work full time.

Hi Holly and welcome to the forum.

Your debts are not high enough for an IVA. If you don't own any property and won't be working, then you could go bankrupt. If you have any income at all, you could try doing a debt management plan.

A dmp would be the best way forward in my opinion. Less messy than BR. Good luck on the studies.

It would be quite difficult to go into a DMP as a student, unless you can suppliement your income by working part time. If you chose BR, it would end the debts for you, however make sure that your chosen career isnt affected by BR. I know BR sounds scary but it would bring a fresh start to your new life.... Have a read of Skippys blogg to get a better idea of what is involved, dont discount it though. Your credit rating would be affected in both.

An IVA is possible with a 16K debt owed to at least 4 creditors, but you probably wouldnt have the income to service one.


Good luck

I would hate to see someone go bankrupt for such a low amount of debt. I suggest that you try and get an evening or weekend job to chip away at the balances owing.

I agree, for such a small ammount, BR is a bit harsh.

OOPs I must appologise for this as I read it as twenty five thousand pounds of debt. I am getting too old for this, the brain is mush these days.

Sincere appologies.

Hi Holly and welcome to the forum.
A part time job sounds like aod solution for you - the amount you owe could be paid back pretty quickly.
Hugs,
Chardonnay

Hey Holly, try for a bar/restaurant part time job, in most places you can earn some great tips, it all helps.[:)] Good luck. X

The local supermarkets are always a good bet as well. My daughter works at Asda and gets paid quite well.

I agree too, try and get a job which is similar to the course you are doing such as an IT Degree - teaching part time computers for old age pensioners in colleges, nursing become a healthcare assistant in a nursing home, or bar work, as this will either give you an insight into your future career and / or give you great social skills too.
On Minimum wage doing 11 hours a week you would have this paid off in a year, with some more money for yourself to put away.

Good luck