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Help needed! 1st Timer IVA or Payment Plan?


pnicho
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Hi Everyone,

 

This is my first time posting but have been on forum re: Bank Charges for a long time.

 

I had a Ltd company (Recruitment) and own house (50% equity) the CREDIT CRUNCH.

 

I owed around £120k on top of mortgage at xmas time, luckily sold my house and paid off secure loan of £58k and some of my credit card balances. I now have £35k of debts.

 

My debt balances are -

 

£15500 Ulster Bank - Personal guarantee of business a/c overdraft

£5300 MBNA Credit Card

£5000 Virgin Credit Card

£3500 Barclay Card

£5000 Halifax Overdraft Personal

£750 Halifax credit card

 

Total monthly debt servicing - £800 approx per month if left as is

I am closing down business and have gained new employment on £20k a year renumaration. I have recently turned 30.

 

I would appreciate any advice or chats with similar experiences. Ideally I don't want to go bankrupt, have researched on IVA not sure about debt management plans.

 

I have an option of moving g/f in charing rent of £400 a month which could help over time reduce debts, but it's game over when that happens :Cry:

 

Thanks

 

Paul

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