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Posted: Thu Jul 05, 2007 11:21 am
by lj9
Hi im new here and would be extremely grateful for any advice.I took out a loan for consolidation and wedding in january for 20000,since then ive been ill,been diagnosed with a panic disorder and spent several weeks off work,im working now and although still on medication feel a lot better.I now feel im struggling with my bills and paying out more than i earn per month,i have the loan for 20000,aloan for 6000,and credit cards which total about 5000,i have tried to get another loan but to no avail and by doing this have seriously damaged my credit score which had dramatically increased in recent months,it has just dropped 120 points in the last two weeks.One company suggested iva but this wasnt a route i wanted to go down,my debts are unsecured and the house where i live is owned by my partner,we are getting married in 9 weeks he knows nothing about this and i dont want him to know this is my problem!he will be so upset that there will probably not be a wedding,the company who suggested iva went through a plan where i would pay 400 a month,does this seem fair obviosly the above ammounts do no include the interest charged by creditors only the ammounts borrowed in the first place,the interest works out at another 17000! any advice will be appreciated as i really need to sort this out.thankyou

Posted: Thu Jul 05, 2007 2:59 pm
by Adam Davies
Hi
How many credit card debts do you have ?
How much disposible income do you have after paying your living expenses but not your debts ?
Have you been making payments towards the house and if so for how long ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Posted: Thu Jul 05, 2007 4:42 pm
by lj9
i have a crdit card with monument for 2000,i owe capital one 1600,barclaycard 800 and two store cards to ge capital for 1400 and two loans the first to natwest for 20000 and welcome finance where i borrowed 6000 after debts i dont have any disposable income because they total approx 900 and i earn approx 950,i only pay 200 in rent etc but need extra 200 for car insurance,petrol,work transport as unable to drive straight into work because of cost and mobile phone

Posted: Thu Jul 05, 2007 5:00 pm
by Adam Davies
Hi
Can you add up your essential living expenses but do not include your debt repayments.
So it would be rent,food,travel costs etc etc.If you then take this from your total income it will give you your disposible income that can be used to address your debts with.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Posted: Thu Jul 05, 2007 9:51 pm
by MelanieGiles
Hi there

Can I firstly suggest that you ought to share your current difficulties with your fiance. I am sure that he will be sympathetic, and is it possible at this late stage to tone down the wedding a little by reducing costs now, which you may not be able to afford in the future. Getting married on the back of credit you cannot afford to repay is not a great start to a future partnership.

A debt management plan is also an option for you, but it will take some time to repay those debts if you can only afford £400 per month, during which time they can continue to take legal action against you and charge you interest.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk