I have been looking through the forum and have found it really useful. I am not sure whether an IVA is the way to go for me?
I am 27 years old and recently moved to London to start training as a Paramedic. Stupidly I kept putting things on my cred cards and I already have a loan that I have been paying. My income to start with did not cover my rent and travel expenses so I have been adding to my debt.
I am now in a position of owing £20,000 between my overdraft, cred cards and loan. I'm just in a rut of getting paid and all my money being used to pay the minimums and my rent etc.... I get to the end of the month and barely have money to eat.
I want to know if starting an IVA is the right option for me? I have filled in the form at the top of the page and it came back with "unsecured loan" as i should have enough disposable income. But noone will give me a loan as my credit rating is poor.
It's frustrating as I have now had a payrise and have the opportunity to do overtime, but can't get myself over that first hurdle of being in credit on my account and not paying out stupid amounts of interest.
I would love it if anyone could give me some advice. Thanks
Then I think that the advice you have been provided is probably the correct route, given that you ought to be able to repay your debts over a realistic timescale under a DMP. Do make sure though, that those payments are affordable. Living in London can be very expensive, and it is possible that your disposable income may not be as high as you think, in which case an IVA might be a better option.