IVA Questions!

fiscalfool

Hi All,

Been reading through loads of the threads on here, and some fantastic help and advice.

I have a couple of questions though, if I may:

My partner and I are financially linked, as we have a joint bank account and also a mortgage in both names. While she has debt, it's nothing in comparison to mine. We have no arrears at present, but have been living on our cards for the basics such as food and petrol ... they are slowly filling up, and a SOA shows more going out than coming in by a large margin!

1) When looking at a SOA for an IVA, how do they apportion joint charges such as mortgage fees and childcare? If it is to be split 50:50 then on paper she cannot afford to service her credit and also pay 50% of the joint bills. Being the larger wage earner, I have taken the majority share in the bills.

2) Our mortgage is an all-in-one product with a joint account facility ... will we/I need to open a new current account? Other than mortgage, we have no outstanding debt with this company.

3) We both have cars that are on finance, mine is currently worth around £12k but with much more outstanding. Is it likely that I shall have to surrender my vehicle? Hers is about £5k outstanding and car worth about £4k.

4) The property is currently at 95% LTV ... I take it that we will not have to surrender the house?

5) Based on the very rough information above, is it likely that we will both subject to an IVA, or can it just be me?


Ideally I am looking for a way to fix my outgoings, and have a clear end of the tunnel in sight. Nothing is in arrears at present, but we have about £50k of unsecured debt, £20k in HP, and a shortfall of £500pm. I've already reduced everything as much as possible where I can.

Thanks in advance for any advice. I intend to chat to CCCS and CAB to get their opinion, but wanted to gather info from here first.

Max_1066

I suggest you have a chat with the CCCS asap. They will help you look at the monthly budget and then go over the options. Be aware the CCCS is funded by the banks, etc so not completely sure how impartial they really are. However they're great at getting you started and very friendly.

The best piece of advice is don't delay .... do it TODAY.

Good Luck

fiscalfool

Thanks for the advice. Called both Payplan and CCCS last night, have my appointment interviews today. I thought I'd speak to them both, as that would let me compare their advice, but also see whom understands our situation best.