NovaSparks
New Member
I'm sitting here thinking about our situation, and honestly, it's a bit overwhelming. We've got £30k in debt spread across three loans and a credit card with the bank. My partner's self-employed, but there's just no work for him right now, and that's really putting the squeeze on us financially.
We're managing the repayments, but it's tight. After all the bills and debts, we're left with about £170 a week. Food alone costs us at least £100 a week, and that's including the dog. So, there's not much room for anything else, and I'm just hoping nothing unexpected comes up. It's four weeks until I get paid again, and I only work part-time. With five people in the household, one of whom is under 16, it's a lot to juggle.
I've been looking into an IVA because it might give us a bit more space each month to breathe. But I'm worried about how it'll work if my partner starts working again—they'll probably adjust the payments. And if he loses work again, it'll drop, which makes me anxious. I'm not sure if an IVA is even the right move because it feels like you can't do much once you're on one.
I'm also thinking about talking to the banks to see if they'll let me make a monthly offer. But I know that'll stretch out the loans and credit card payments longer. The loans would be paid off in about four and a half years, and the credit card has £9k at 12.9% APR, which is a lot. I'm talking to PayPlan, but I'm unsure whether to just stop paying the loans and credit card, especially since they're due at the start of March. Has anyone else had an IVA?
We're managing the repayments, but it's tight. After all the bills and debts, we're left with about £170 a week. Food alone costs us at least £100 a week, and that's including the dog. So, there's not much room for anything else, and I'm just hoping nothing unexpected comes up. It's four weeks until I get paid again, and I only work part-time. With five people in the household, one of whom is under 16, it's a lot to juggle.
I've been looking into an IVA because it might give us a bit more space each month to breathe. But I'm worried about how it'll work if my partner starts working again—they'll probably adjust the payments. And if he loses work again, it'll drop, which makes me anxious. I'm not sure if an IVA is even the right move because it feels like you can't do much once you're on one.
I'm also thinking about talking to the banks to see if they'll let me make a monthly offer. But I know that'll stretch out the loans and credit card payments longer. The loans would be paid off in about four and a half years, and the credit card has £9k at 12.9% APR, which is a lot. I'm talking to PayPlan, but I'm unsure whether to just stop paying the loans and credit card, especially since they're due at the start of March. Has anyone else had an IVA?
