I am now paying credit with credit and it's got out of hand

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Twins2015
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Joined: Thu Mar 23, 2017 9:31 am
by Twins2015 » Thu Mar 23, 2017 7:34 pm
Hi, I am looking at going into an iva after getting into debt, I am now paying credit with credit and it's got abit out of hand.
I stupidly took out a loan of £6000 2 weeks ago to clear a family debt (someone lent me some money over a year ago and needed it back). I understand that all debts need to go into an iva but would this credit require any contractual payments before hand. I would have to pay them using other credit cards? Thank you (can't wait to get the help I need)
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benjiboo1
Posts: 82
Joined: Wed Aug 17, 2011 4:48 pm
by benjiboo1 » Thu Mar 23, 2017 7:55 pm
I took out a loan for 7, 500 with Sainsbury bank 4 weeks before enquiring about an iva , & had numerous other debts. It was included in my Iva with no problems. I completed my Iva last month. A long 5 years but worth it.
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Foggy
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by Foggy » Thu Mar 23, 2017 7:57 pm
Some firms will tell you that you need to wait awhile, while others will not -- speak to a few companies, as some are more helpful than others.
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moira717
Posts: 195
Joined: Tue Feb 14, 2017 10:53 pm
by moira717 » Thu Mar 23, 2017 8:17 pm
I spent last year using credit cards to pay for shopping and petrol: then last 4 months taking out cash on one card to pay another. It is a downward spiral (heard this many times whilst in debt, yet every new year was going to be the one I sorted out my problem). Last Christmas I knew financially it was the end of the road. I had made several recent large purchases over Christmas and was worried this may affect my ability to get an iva. I spoke to a debt charity who said this was example I was insolvent and would not work against me. 1 week and 4days to go to my creditors meeting. It's been a rollercoaster, feeling positive one day and down the next but now feel in control. Most of this thanks to advice I have received from this site.
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benjiboo1
Posts: 82
Joined: Wed Aug 17, 2011 4:48 pm
by benjiboo1 » Thu Mar 23, 2017 9:07 pm
I know the feeling well moira, even on the day I got the phone call to say it was accepted I still felt a failure!!! & when I went out... shopping etc I thought that everyone who looked at me knew.... but as the months passed & we settled into it I realised it was the best thing we could have done. 5 years seemed endless but it passed very quick & did not have any problems. Looking forward to receiving our completion certificate now. Good luck to you.
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moira717
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Joined: Tue Feb 14, 2017 10:53 pm
by moira717 » Thu Mar 23, 2017 9:11 pm
Thank you so much. It's such a lift hearing from other people who have gone through an iva and and come out the other side!! Gives me hope. Thankyou
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