Posted: Tue Aug 10, 2010 12:09 pm
hello
Having over-extended myself I now need to decide between an IVA and bankruptcy.
It was all so easy - I had a fantastic credit rating and card companies fell over themselves to give me zero percent interest and kept increasing my credit limit.
Unfortunately, I had a spell of unemployment and the card companies response was to increase the interest rate. In one case to 30% (and its not a store card!) which equates to £500 a month. I've tried negotiating a repayment plan with them, but their response is that because I'm repaying other cards I can't afford the £200 a month they want, so I have to carry on trying to pay £500+ a month… I don't get their logic!
I'm now self employed (limited company), owe £83000 to 12 cards/banks and have about £500/£600 a month for payments. I don't own any property or things of value.
I've started my research and thought I'd get opinions here.
Thanks
Michael
Having over-extended myself I now need to decide between an IVA and bankruptcy.
It was all so easy - I had a fantastic credit rating and card companies fell over themselves to give me zero percent interest and kept increasing my credit limit.
Unfortunately, I had a spell of unemployment and the card companies response was to increase the interest rate. In one case to 30% (and its not a store card!) which equates to £500 a month. I've tried negotiating a repayment plan with them, but their response is that because I'm repaying other cards I can't afford the £200 a month they want, so I have to carry on trying to pay £500+ a month… I don't get their logic!
I'm now self employed (limited company), owe £83000 to 12 cards/banks and have about £500/£600 a month for payments. I don't own any property or things of value.
I've started my research and thought I'd get opinions here.
Thanks
Michael