question category: IVA

Hi, I am in debt of £17,400 is IVA best option?
Submitted on: 3rd Jan 2011 by Non-Member | Total Answers: 2

Hi, I am in debt of £17,400 comprising a £2000 overdraft and 5 credit cards built up through university and travelling. I have spoken to a representative at Baines and Ernst who have advised I apply for an IVA and pay back £190 a month. My salary is £18,000, I take home £1083 a month after tax. I am not on any benefits. I rent a flat with my boyfriend. Is this the best option for me? I understand this will seriously hurt my credit rating and I will not be able to get credit while on IVA and some time after. Could this affect me emigrating to another country when older? As this is something that I would like to do. What other effects could this have on my life? Any advice would be great, and if you need any further information please just ask. Thank you.

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Re: Hi, I am in debt of £17,400 is IVA best option?

Hi

There are several options available to you so suggest that you do speak to one of the debt advisors for the right advice before you make any decisions. They can explain exactly what it entails. Re IVAs, the Debt Advice Foundation are one of the advisory centres who can give you free impartial advise.

Debt Advice Foundation provides a free, confidential helpline and can advise you and on whether you qualify. Click here to find out more.

Submitted on: 6th Jan 2011 by TA Member

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Re: Hi, I am in debt of £17,400 is IVA best option?

In order to work out the best option for you, it is best if you speak to a free debt advisor (see 'Top Debt Advisors' on the 'home' page). As your debt has reached such a level, it will have already had an effect on your credit rating. It is possible that this would affect your chances of emigrating in the future, you would need to speak to an emigration specialist about this. Your credit rating is affected for 6 years following bad debt/insolvency. Therefore if your emigration plans are for the distant future you may find your credit rating is no longer an issue

This question has been answered by Christians Against Poverty, a leading debt charity offering hope and a solution to anyone in debt.

Submitted on: 19th Jan 2011 by TA Member

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