Hey gerardm, welcome to the forum. Could you just post a few more details so that we can help further. Who did you take the consolidation loan out with and what other debts do you have?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
An IVA will not work if you only have one creditor, but if there are others you may qualify for this procedure. If you could post a few more details about your situation, we may be able to assist further.
This is where I feel many people fall down,they have several creditors and could apply for an iva but go for one last try at sorting things out,take a consolidation loan and have just one big debt,then realise that they still cant manage but now have just one creditor and so cannot apply for an IVA. We rushed into 2 consolidation loans and almost went for a third,with the bank twisting our arms that it was a good idea,fortunately we saw sense,and realised that consolidation loans do not work for us,they may for others but we needed proper help,not just another loan thrown at us!!!
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Depends who the loan was with - most of them won't agree to an IVA if the loan has not been running for at least 12 months. Give more details as to who it is with and list all your other debts.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
