Joint IVA - 90% of debt is husbands

essa_3

Hi there, (sorry originally posted incorrectly in bankruptcy)

New to the forum and wondered if you would be able to help please.

I had a small amount of debt, which I was managing to cope with, until I found out that my husband had racked up a large amount of debt and after seeking advice we were advised that the only option would be a joint IVA (although now i had read that there is no such thing as a joint IVA??!?)

90% of the debt belongs to my husband (although a small amount his debt has been racked up on "joint" account). Is there anyway that we can separate the IVA and become responsible for our own debt? What sort of proof would be required if this is an option?

Obviously, if this is possible then it is likely that I will be able to manage my own debt and wouldn't need an IVA. Is it possible to reverse the IVA and restore my credit (or limit the damage to it?)

Many thanks in advance for your help

Charco_2

Do you mean you have already both gone into IVAs ar that you are considering entering IVAs?

essa_3

Hi Charco,

We entered into them about 4 months ago. Thanks

Charco_2

Nightmare!

Someone was on here earlier this year looking into the possibility of separating "joint" IVAs from her recently estranged husband... it is possible obviously, given that they are not actually joint in the first place - "Interlocking and Mutually Reliant" - but it does beg the question, why would you want to now?

Think it was possible/probable bad advice to put you both into "joint" IVAs if you personally were not actually struggling/insolvent but I dont know your situation well enough to properly comment. It may have been that it was the better solution for you BOTH as a family unit. (But that should have been explained to you as an option and the decision left between you and your husband)

Of the debt that belonged to your husband, was any of it joint?

essa_3

Tell me about it Just had a look through paperwork and none of his debt was actually joint (or even on joint accounts) so thats a bit of a relief. I personally was able to cope with my debt but because my husbands was spiralling out of control, I was extremely concerned about the house (having remortgaged before).

When we went to enquire about the IVA we were told that the only option would be "joint" IVAs and if we did not agree to this then they could not do it. I realise now that, had we shopped around we may have got better advice but we approached a professional company expecting to get professional advice and we therefore accepted the information as being correct.

With separate debts, I would not need to go through the IVA process as mine would be manageable but is it possible to stop the IVA and tackle my debt on my own (as i was doing before). I'm really struggling to find any info in relation to no longer needing an IVA, the only info available is how to cancel an IVA by failing, which obviously is not an option.

Many many thanks for your help

Charco_2

Well, yes, failing YOUR IVA would probably be the only option... (as in, failing YOUR IVA but not failing your husbands!)

Can I ask:
- How much was your debt?
- How much was husband's debt?
- How much were you paying towards your debt each month?
- How much are you now paying towards your IVAs? (It's probably one payment from you but do you know how is this split when it goes towards your IVA?)