?? Uni student & IVA

[woobags]

Hi...I am not sure I qualify for an IVA I have Personal loan which was for 10K but shows on my internet banking account as just under 20K I assume that is the interest added on. I took it out at a massive APR as I had been self employed and no other company except my bank for lend to me. I have just put money from my credit card into my current account as I was getting loads of charges for being over my £1000 overdraft limit. My only debts are the loan and £2000 on my credit card. The thing is I am a student having stopped running my own business at the end of the tax year. I do not owe any tax luckily but I do not earn enough to pay my loan and rent every month as only work part time in retail at weekend. My debts are mounting and I am set to borrow from the student loans company to fund all my degree costs for the next 3 years. All my debts are with HSBC can I arrange something with them privatley?

[Keepingmyheadabovewater]

HI THERE HAVE YOU TRYED PHONEING A DEBT COMPANY UP THEY MIGHT PUT YOU OR A DEBT MANGEMENT PROGRAM BEST THING TO DO IS TO CUT UP THE CREDIT CARD AND PHONE UP A DEBT MANGEMENT COMPANY THEY DONT LEND MONEY BUT WILL GIVE MONEY ON YOUR BEHALF TO YOUR CREDITORS AND YOU WILL NEED TO CHANGE YOUR BANK ACCOUNT AS YOUR BANK IS A BIG CREDITOR THEY WILL DO A DEBIT DEBIT FOR ALL OF YOUR MONEY IN YOUR CURRANT ACCOUNT IF YOU DO GO ON A DEBT MANGEMENT PROGRAM YOU WILL NOT BE ALLOWED ANY MORE CREDIT UNTIL YOU HAVE PAID YOUR CREDITORS OF BUT AS I SAID YOU WILL NEED A NEW BANK ACCOUNT GO TO
www.thinkbanking.co.uk


JOHN

[Adam Davies]

Hi
Yes,I would suggest sitting down with HSBC and give them an opportunity to help you.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Keepingmyheadabovewater]

hi there andy can you tell woolbags about creditors doing a direct debit from there bank account if he banks with hsbc and if there a creditor can you clear this up please andy

JOHN

[Adam Davies]

Hi John
Not sure about your question but it may be to do with the banks right to draw from any account that you hold with them to pay debts on other accounts
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[mish1953]

John If you owe money to a bank and thats your main banl they do have the right to recover the money that you owe them from your account.

Woobags - take Andy's advice speak to HSBC = most banks are willing to help out if you give them the details

Mish

[MelanieGiles]

An IVA will not be an option for you if you only have two debts both with the same bank.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Rainbow]

Did you know that you could do your degree FREE! through the Open University? If you earn less than £15K per year you do not have to pay any fees http://www3.open.ac.uk/coursefinance/ (Providing this is your first degree) You can go the degree over either 3 or 6 years IE full or part time - Have a look at the link - More and more Young people that I deal with are turning to the OU to do their degree instead of getting into debt. I have to say that they are fantastic with great support and they even buy you a laptop and pay for your internet broadband connection!
OU was voted in the top 5 uni's by students this year!!
Just thought it might help.
Rainbow