Would an IVA help me!?

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chris661
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by chris661 » Mon May 29, 2017 5:54 pm
I currently pay £254.04 over 60 months to sainsbury's bank

I also have 2 credit cards and 2 overdrafts with Halifax and Barclaycard.

£1000 and £250 limits credit cards
£450 and £250 overdrafts.

Would an IVA help me!?
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kallis3
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by kallis3 » Mon May 29, 2017 6:06 pm
Hi,

Are you struggling with your payments?
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Michael Peoples
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by Michael Peoples » Tue May 30, 2017 8:39 am
It may be an option but not one to be taken lightly. If you can manage the payments you should try to do so and bring the debts down. It looks like you have tried to consolidate which has not helped so it could be worth having a chat with an insolvency firm for some free advice.
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Lisa Thomas
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by Lisa Thomas » Tue May 30, 2017 9:07 am
If your creditors only total c£2,000 an IVA is not going to be worth it and Bankruptcy won't apply as you are under the £5k minimum debt threshold.

A Debt Management Plan could work but as you only appear to have 5 creditors and already seem to be paying them back in installments you seem to already have an informal agreement in place and I would continue with this.

If you are struggling contract your creditors direct to see if you can reduce the payments accordingly or offer a full and final lump sum settlement to see if they will write any of the debt off.

You might find some of these videos useful:

https://www.youtube.com/edit?o=U&video_id=TgalT1vhn6M

https://www.youtube.com/edit?o=U&video_id=8mZ17eJeFlQ

https://www.youtube.com/edit?o=U&video_id=zrQruCDiw5w

https://www.youtube.com/edit?o=U&video_id=mAkQsVSCnqo
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kallis3
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by kallis3 » Tue May 30, 2017 10:33 am
If you have no assets such as a house or expensive car, you could consider a Debt Relief Order.
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Lisa Thomas
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by Lisa Thomas » Tue May 30, 2017 12:10 pm
Good point Kallis - I forgot about a DRO!

https://www.youtube.com/edit?o=U&video_id=BtgpEX5mNDg
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Foggy
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by Foggy » Sat Jun 03, 2017 5:28 pm
I would speak to several firms to compare advice. The solution will depend upon your whole set of circumstances. If you qualify for a DRO, speak to CAB about this. They would be a good starting point to help you collect your thoughts in any case.
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