Best way to sort debts

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lara431

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Joined: Thu Aug 15, 2019 9:17 pm

Post by lara431 » Thu Aug 15, 2019 9:17 pm
I have around 5000 in debts and I want to know the best way forward in paying these in affordable amounts

sandybrowneyes2002

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Joined: Wed Mar 29, 2017 4:37 pm

Post by sandybrowneyes2002 » Fri Aug 16, 2019 5:23 am
Hi,

I would get professional advice, I found step change very good, , however 5,000 is a very small amount in IVA terms. I do not personally think an IVA would be the most suitable choice, maybe have a look at DRO ?

Worth looking into.

good luck

Foggy

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Post by Foggy » Fri Aug 16, 2019 7:07 am
The answer, of course, will depend on your personal, as well as financial, circumstances. But, as mentioned, £5k is a modest debt in IVA (Or DRO ) terms.Initial thoughts would be a Debt Management Plan (DMP) where creditors are contacted and offered affordable amounts, according to the debt share thay have. As also mentioned Stepchange (and Payplan) both do these without fees, so the creditors get more, but, if there are only a few creditors, you dould do it yourself,'google'"DIY DMP".
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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