IVA advice

garwil

Hi There
I have had a telephone interview with my IVA company ( one we were passed to by CCCS) and they have recommended that because 3 of our debts/loans are in joint names we must have a joint IVA( Me and the Mrs).
We didnt really want both of us on an IVA but they say this is the only way to go because with joint loans the company can come after my wife for the full amount if she dont continue payments.
Can any one tell me if this is the only way to do this - are the IVA company correct?
Thanks

mia1830

Hi,

I am new to all this myself but having been lurking on here for a long time trying to decide what to do. I don't know if its the only way to go, someone else will come along and tell you. But I have read if you are going bankrupt or in an IVA and its a joint loan they will go after the other person to recover their money unless that person is also going bankrupt or in an IVA. Good luck

dancingfairy

I believe the joint thing is right in that if one goes bankrupt or into an IVA the whole debt falls to the other person - whether an IVA is the only solution then possibly not- you can always approach one of the other charities Martin recommends for a second opinion - also it is only their opinion -it's your life so if you don't want to do an IVA and try and do a dmp instead (either through a charity or on your own) then that's up to you.
Good luck with whatever you choose
df

Charco_2

Its not the ONLY way to go but it's worth considering!

If you entered an IVA, your partner would remain liable for the joint debts... this much is true!

So it's up to you both then to consider can your partner manage with these joint debt?

When you draw up the Household Income and Expenditure, you should end up with two figures. Your monthly disposable income (DI) and your partners monthly disposable income (DI).
If you enter an IVA, you will be expected to pay over YOUR DI... your partner will keep her own DI - she may want to contribute some of it to your debt if it helps your creditors to agree to your proposal but she is not obligated to contribute to your debts!

Can your partner manage with the three joint debts?
If not, how would she propose to deal with her debts?

Max_1066

Certainly take some time to get advice from various people/companies before making a decision, however don't leave it too long otherwise its potentially costing you money. I know that sounds a bit strange however the one thing I wish I'd done was to act much sooner than I did although you've started which is good.

I'm not an expert however I'd also ask how your OH would deal with debt if she weren't in the IVA ? Good luck ....

lexie2005

Hi

We were in a similair position & I didn't really want to take an IVA as I thought we would manage with me paying the joint things & just clear OHs debt with the IVA but we were advised same thing as you & I have to say its the best thing we ever did. Don't get me wrong it would have been lovely to keep my credit cards & have more money but I know we would have ended up in more of a mess than we already were. We now understand how to budget & 4 years on (with another 2 to go due to a year of equity payments in year 6) I look forward to the day when I can save not spend - how sad is that! Good Luck with it all!

stephen88

I am currently looking into whether or not i would be appropriate for an iva but i am struggling to find a charity oh feel i can trust does anyone have any suggestions