Debt Story #29

I am currently trying to set up an IVA with CCCSVA. Have debts of about £65K which have built up over the years. Up until recently was paying one off with the other, selling anything that wasn't screwed down on eBay, and paying for essential living allowances on my credit cards so that my 'real money' could be used to pay the debt. Inevitably I couldn't keep this up for ever so faced reality and contacted debt counselling service and recommended to take an IVA. Started to get phone calls on a daily basis - MBNA are the worse, phoning up to 7 times a day, anytime from 8.00am to 9.00pm. In the end took drastic action and changed my phone number (thanks BT), and got a PAYG mobile to give to the creditors. Now I can control who can contact me when which has restored my sanity to some extent. Having said I am going for an IVA, I am seriously looking at going bankrupt as have negative equity in my house so would not be treated as an asset, and my car is virtually worthless and needed for work. I think I have nothing to loose; it would be cheaper, quicker and - I think - less painful in the end.