Hi there,just want to ask cos i am not sure if is good for me to go for IVA or not!i get few loans plus overdraft in Santander cca 17000 pounds and I pay every months arounde 800 pounds and bills with everything is 500poumds!so together is 1300 pounds and my wage is 1350 arounde!what do you think ?i am a little bit scare get IVA or if is any chance to get somewhere debt consolidation that I will pay 400 pounds for few
Years?can you recommend me some company or do you think my Santander bank can help me if I am there still overdraft?thanks a lot for your help Tom
In my opinion consolidation loans often do not work because we get the loan, reapy the debts, then start to collect new debts AND have the loan to deal with !!! I did this a couple of times before my IVA !
You are making your payments and paying your bills, so an IVA might not be the best thing for you. But, things are tight and it will not take much to go wrong to cause trouble ! Maybe think about a DMP with Stepchange. Creditors might agree to reduced payments and to stop interest for a while and it isn't as intrusive as an IVA.