how to get out of credit card debt with a IVA in 60 months

In this article I will tell you how I got out of my credit card debt, in a nut shell in 6 months time I would of wipe £29,000 of debt 2/3 of it was on credit cards.

Let me first tell you I know how you feel especially if you up to your neck with credit card bills, four and half years ago I had 4 credit cards.

Now please I know the emotional and mental grind that's going through you, I've been there, now one of the easiest things to do is run away from your problem but trust me that's not going to help, I tried that when I was £15,000 in debt with one credit card owing £8,500 ..And looking back I wish I stop it there. But instead I just hid, I've dreaded the letters that were coming through the letter box to the point where I was immune to them and I didn't even open them.

 

how to get out of credit card debt with a IVA in 60 months continue

 

Now below were the four credit cards I use

• Egg
• capital
• Lloylds
• Rbs credit card

how to get out of credit card debt with a IVA in 60 months continue

 

I think if my memory serves me well I had £5500 limit of the egg card, £8500 on the capital one card, £3500 on the lloydtsb and £1800 on the RBS credit card. Looking back it was ridiculous; I didn't even more than £11,000 a year , and all my credit card debts were max out , so on credit cards alone my debt were £19300 unbelievable plus there were interest on top[, I remember my minimum payment for the cards added up over £1000 a month I really got myself in some major mess.

The good news was I did find a solution that help its called the IVA

The IVA in a a government scheme called the individual voluntary agreement , its where I the debtor arrange a agreement with my creditors via a IVA advisor a sum of payment to pay off my debt off which I could afford ( In my case it was £250, this is incredible consider my minimum payment for my credit cards alone was over £1000) and the rest of the debt is wipe off at the end of the agreement which is typically 60 months.

 

how to get out of credit card debt with a IVA in 60 months continue

 

The c creditors will normally agree to such a IVA agreement after all from where they sit , its better to get something back than total loss, so it minimising the risk for them.

Now I am 54 months in to my IVA and I only got 6 months left do you know the excitement I feel, well, its crazy , I have other friends and family that said it was too hard being on a plan for 60 months which is 5 years ...however I said look after 5 years all my credit cards will have been paid , I will not have been black listed any more unlike bankruptcy, and I can build my credit score up again in 6 months time.

60 months is a short time to pay for a stupid thing I did in getting my self £29,000 and as I said before £19,300 was on credit card talk about huge credit card bills.

 

how to get out of credit card debt with a IVA in 60 months continue

 

I am a big advocate of the IVA I really think its the best solution out there for the majority of people especially if their debt is over £15,000 and you don't have a rich benefactors to bail you out.

You however will need to learn not to live with a credit card or any credit for that matter for the next 60 months but if you in the kind of debt I was in or even worse you have to ask yourself do you really want to get credit.

One of the the great things about IVA is that it teaches you how to live within our means comfortable, I think it something our society has long forgotten, with info-commercials saying get this and get that from 3 easy payments on your credit card, why wait when you can pay later etc. and trust me YOU DO PAY LATER .

 

how to get out of credit card debt with a IVA in 60 months continue

So if you looking for a real solution to get out of debt look for a IVA there are a lot of IVA companies out there that are competing against one another so your monthly payment can be cheaper than mine when I started, plus unlike bankruptcy, and debt management companies you actually do pay your debt off, and you not going spend 25 years paying the debt off too...