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Help/Advice IVA or Bankruptcy for my Husband, but not me!
shebray
Posts: 3 Newbie
Hi all,
My husband and I (sounds like the Queen, I know!), run a business, and we work from home. I am S and he is B. We run a really good service, internet based, and we have good clients. B has had major health problems over the last twelve months and has been in hospital several times. I am trying to keep the business going, but, to be honest, I am wearing myself out.
Our debt problem is this:
B. Has £18,900 personal debt, credit cards, loans etc. which we cannot service.
S. Has around £6,000 credit cards debt, repayments of which could be serviced if we didn't have B's debt.
We are unable to meet payment on any debt, because we are constantly chasing one payment for another.
C. We are both directors of our company (which is also not now doing well, although it really could) and we seem to be juggling an awful lot.
I know that I need to take control.
What I am thinking of is this, but please correct me if I am wrong:
(1) Go for an IVA for B's debt. The house and car are in my sole name and always have been.
(2) Alternatively, go for bankruptcy for B.
(3) No IVA for me. I love my husband and will support him. That way, we have at least one credit card for emergencies.
(4) My debt (around £5,500 all told) is servicable, and we can make the payments on that.
Advice would be really welcome. We did, briefly, contact CCCS and online they proposed a payment plan which, frankly, is no good. I cannot see any way at all out of this debt without abating some of B's debt.
All comments and advice would be welcome!
By the way, B is a co-director of our company, and we will be looking at this also.
Thanks, guys.
My husband and I (sounds like the Queen, I know!), run a business, and we work from home. I am S and he is B. We run a really good service, internet based, and we have good clients. B has had major health problems over the last twelve months and has been in hospital several times. I am trying to keep the business going, but, to be honest, I am wearing myself out.
Our debt problem is this:
B. Has £18,900 personal debt, credit cards, loans etc. which we cannot service.
S. Has around £6,000 credit cards debt, repayments of which could be serviced if we didn't have B's debt.
We are unable to meet payment on any debt, because we are constantly chasing one payment for another.
C. We are both directors of our company (which is also not now doing well, although it really could) and we seem to be juggling an awful lot.
I know that I need to take control.
What I am thinking of is this, but please correct me if I am wrong:
(1) Go for an IVA for B's debt. The house and car are in my sole name and always have been.
(2) Alternatively, go for bankruptcy for B.
(3) No IVA for me. I love my husband and will support him. That way, we have at least one credit card for emergencies.
(4) My debt (around £5,500 all told) is servicable, and we can make the payments on that.
Advice would be really welcome. We did, briefly, contact CCCS and online they proposed a payment plan which, frankly, is no good. I cannot see any way at all out of this debt without abating some of B's debt.
All comments and advice would be welcome!
By the way, B is a co-director of our company, and we will be looking at this also.
Thanks, guys.
0
Comments
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Hi , no expert on this and i suspect there will also be tax issues to sort out. My advice would be to contact the free debt charities, i know cccs have their own IVA dept, non profit based! And they will be better suited for the legalities of it all.
Good luck BOB XBlackadder: Am I jumping the gun, Baldrick, or are the words 'I have a cunning plan' marching with ill-deserved confidence in the direction of this conversation?
Still lurking around with a hope of some salvation:cool:0 -
Hello S & B, if you post your SOA somebody will come along and be able to offer more advice. Try here: www.makesenseofcards.com/soacalc.html
Best of luck!
Rabbit"Proud to be dealing with my debts" :doh:DMP Mutual Support Thread member 232:DLBM July 2008 53k:eek: DMP with CCCS - start Oct08 DFD Sep 2014 - or sooner!!;)0
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