I have around £11000 of debt

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paul.wa

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Post by paul.wa » Wed Aug 04, 2010 11:08 pm
I have around £11000 of debt the bulk of this being an overdraft facility which has increased due to charges (more then £1200 charges on a £1500 overdraft) and a personal loan in which the PPI has not paid out for the time I was registered unemployed. The wizard tool on here has suggested I go for an unsecured personal loan to consolidate my debt, this option appealed to me but I am unable to obtain a loan due to my credit rating. Could I enter into an IVA still or are their specialist lending companies for this type of situation?
 
 

MelanieGiles

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Post by MelanieGiles » Thu Aug 05, 2010 12:43 am
How much disposable income do you feel that you would have each month to be able to repay your overdraft and other debts? An IVA is unlikely to be suitable for such low debts, although this will depend upon how much you are prepared to pay.
Regards, Melanie Giles, Insolvency Practitioner
 
 

kallis3

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Post by kallis3 » Thu Aug 05, 2010 6:40 am
If you have no assets and a disposable income of less than £50 per month after essential bills have been paid, you could be eligible for a Debt Relief Order.
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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.
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paul.wa

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Post by paul.wa » Fri Aug 06, 2010 7:35 pm
I have around £450 of disposable income every month after my living costs and work costs. I would be willing to use as much of this as possible to pay back my debts however any creditor I speak do will not arrange a payment plan with myself as they all want large upfront initial payments which I do not have as I have just started working again. I also need advice on my PPI which I have been unable to claim against can they backdate a claim?
 
 

kallis3

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Post by kallis3 » Fri Aug 06, 2010 7:54 pm
A DRO will not be of any use to you then.

Speak to an expert via www.iva.com

You might be able to do a managed DMP as this would be finished quite quickly I would think.

Why have you been unable to claim your PPI?
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
 
 

paul.wa

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Post by paul.wa » Fri Aug 06, 2010 8:17 pm
OK I'll look into that.

I have sent of the paperwork 3 times and each time get a reply saying that I have not sent anything in.
I have documents from the jobcentre to show my unemployment so I am not claiming fraudulantly or anything.

Are there any companyies which specalise in offering personal loans for people in my situation?
 
 

kallis3

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Post by kallis3 » Fri Aug 06, 2010 8:36 pm
I doubt you will get a loan, but you could do a debt management plan.

It would be over fairly quickly with the amount of DI and the amount of debt.

Do take advice though.
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
 
 

MelanieGiles

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Post by MelanieGiles » Sat Aug 07, 2010 10:40 pm
Surely with that level of disposable income, you can manage to cover the contractual repayments to your creditors?
Regards, Melanie Giles, Insolvency Practitioner
 
 

Adam Davies

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Post by Adam Davies » Sun Aug 08, 2010 12:21 pm
Hi
Can you look to restructure your borrowings and bring down the monthly repayments to a level within your 450 pound disposable income ?
Regards
Andam Davies
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