Iva

satmorningblues

Please can anyone help me with some questions? could anyone tell me what percentage of the debt creditors will accept on an iva? we have £54k of unsecured debt £35k is my husbands £18k is mine and £1k joint, do you have to do a joint iva or can just one of you do an iva? our debts are with mbna, egg, capital one,citibank GE capital and HSBC (overdrafts)....
thank you in advance if anyone can help

Nargleblast

You can do a joint IVA or IVAs in single names. The rule is, when your IVA proposal goes to the creditors, then creditors owning at least 75% of the total debt have to agree. In your case, if you did a joint IVA on £54000, 75% of that is £40500. Look at your creditors list with the amounts owing to each, and you will see if there are any potential problems, i.e. if one creditor has more than £13500 owing to them then they could possibly put a spanner in the works. I would advise you to contact a number of different companies offering IVAs, and see what they say - get as much info as possible before making a final decision, and if a particular company starts pushing you, eg offering to send a courier around to your house to pick up your documents, don't be rushed into anything you may regret. A reputable company will give you the info and let you make up your mind, not be pushy or aggressive. Ivas are an excellent solution for some people (I have one myself) but not for others, so make sure it is right for you before going ahead.

satmorningblues

thank you ever so much for your reply nargleblast, I am just trying to do the sums and if it is a joint iva then 35% of the debt is mbna (under themselves and alliance and leicester card) and if just my husband does it then mbna have 48% of the debt, again because they took over the a&l card too, does anyone have any experience of mbna that could give me some insight in how they would be? We are going to seek advise but I want to try and get as much info as possible before I make the call!!

memberme

I'm not sure on the advice here. I believe, although they would run as one should your IVA's be accepted that you will have to apply for 2, one in each name. Usually if they would get more than bankruptcy and assuming you don't have loads tied up in the house, it would go through. percentages vary...mine was accepted at 21 pence in the pound single and therefore joint creditors got 42 pence in the pound

memberme

I would not worry too much regarding percentages. If you get a good IP such as at Cleardebt...if they suggest an IVA, it will usually be accepted. No I don't work for them

Charco_2

There is nothing about it in the rule books, but joint IVAs are fairly commonplace in practice.

The only requirements would be that you are BOTH insolvent! If one of you can afford to pay your personal debts with your own money once the debts of the partner are conatined within an IVA then a joint IVA wouldn't really be the best option... In Scotland, Joint TrustDeeds are not possible but its the norm in the rest of the UK for couples with large debts.

As Nargle says, shop around and only go with a company when you feel comfortable that it's the best option for you... NO UP FRONT FEES!

satmorningblues

Thank you all for your replies, Charco I think I would prefer to try and pay my debts off and then my husband get an IVA as he has the majority of the debt, the problem is we have done so much swapping of debt between us in the past to try and get the best rate on balance transfers. I looked at bankrupcy as an alternative as we are tenants but I am worried my husb would get a bru or even done for fraud for taking on my debt as we did 2 balance transfers last march (even though we have transfered stuff back and forth in the past), but now I am also thinking an iva might get rejected because of this too, anyone had this experience or advise me what to do?

satmorningblues

I've got another question too (thank you anyone) in the future do you have to declare an iva the same as bankruptcy, say if we took a mortgage in ten years time when we are hopefully out of this mess!! :-)!! thanks thanks thanks for your help!

Charco_2

I wouldn' worry about the fraud aspect, the transferring of debts accross and back, perfectly normal and understandable that a couple may do this over and over. The important thing now is that you're looking in to a more permanent way to deal with your debts.