Hi,
I've been involved in several business ventures, which haven't gone well. One's in the process of being wound up by creditors, and another one has an overdraft that it probably won't be possible to repay.
I haven't had a stable income since May, and as a result I've been "robbing peter to pay paul" (using credit to pay minimum repayments on cards), and living off credit cards. I've made a little bit of cash in the last month, so I at least I can pay the rent, and I've resolved to stop living off cards. I'm not sure quite what to do about minimum repayments at the moment.
I've now faced facts and realised I'd be much better off getting a job for the time being (or at least contracting - I'm in the IT industry).
My current debt situation is:
Credit cards
13800 MBNA
5900 Goldfish
9200 HSBC
2350 Egg
5400 Citibank
2500 Marks & Spencer
4500 Barclays
Loans
Northern Rock 6391
3256 HSBC
2500 Zopa
Overdraft HSBC 2,000
Total about 58K (i've rounded the above)
I've also got a 20K student loan but it's one of the new ones, so I don't think that counts.
There is also a 15K overdraft on one of the business accounts that I have, which I'm jointly and severally liable for with my ex business partner (although he has a house with equity in it, so they may decided to chase him instead)
My first questions are:
Could an IVA be a suitable solution for me?
How much spare income, after necessary expenses, would I need to be making for an IVA to be viable? (this may affect what sort of job I go for)?
Thanks in advance!
PS I don't have a house / equity. I've got a car worth about 1K.
Last edited by
chairmanmiaow on Thu Nov 15, 2007 2:53 pm, edited 1 time in total.