Just some advice for someone starting out

nevernever_2

Hello, I was hoping that I could pick the brains of some of you experts out there. I have £22k personal debt and earn £450 per month part time for 10 months of the year. You can see that I cannot pay my personal debt and I was wondering what the implications of an IVA would mean to me.

I realise that I need expert advice too, just wanted an idea as to where I stand. My partner knows nothing of my debt and I am very scared to tell him. We have a mortgage which is joint, however he pays it and I don't contribute at all. I was wondering what I would need to do to ensure that our home is safe and (preferably) he wouldn't find out about my IVA.

I realise that it is unlikely that I will be able to keep this a secret from him, considering the fact that my name is on our mortgage.

Does anyone have any advice at all? Has anyone else on here been in this situation? I know I have been very stupid but I really need practical advice and support, not telling off!

RAS

Hi

You need a substantial amount of surplus monthly income each month to enter into an IVA.

Any insolvency agreement you enter (bankruptcy or an IVA) would require release of capital at some stage (assuming there is some equity) and even purchase of the BI under the BR rules would mean he has to know, as he would have to buy it.

Have you considered a DMP?

And really you need to talk to a debt charity.