help needed joint debts can i go bankrupt & my partner do an iva

simbamk1

Bit of a tricky one we have a huge amount of debt 35k which is unmanageable, is it at all possible in anyway for me to go bankrupt and my partner does an iva so it doesn't effect her employment as working in financial services. We had a buy to let repossessed due to past redundancies and arrears and being unable to refinance so opted for voluntary repossession, most debts are in my name but about 20k is joint from shortfall. Is it possible for me to go bankrupt and my partner do an iva at all????? Please help if this is possible it would be best option

philnicandamy

Any joint debts will fall to your partner once you go bankrupt...meaning creditors can chase he/she for the full ammount owing

have you spoke to any of the free debt helplines?? CAB National Debtline or your local CAB

dancingfairy

I thought IVA's were also a form of insolvency and as such were also a no-no for people in specific posts in financial organisations? Your partner should check their contract and/or phone HR annonynously to check the position because not everyone in the financial services industry is prevented from going bankrupt - I think it depends on whether it is an FSA regulated role and also of course what the companies own policies are.
Perhaps your partner should consider a dmp (debt management plan) with one of the debt charities? Have you spoken to a debt charity about the options?
df

dancingfairy

Forgot to ask what the situation is with your house? are you renting or do you own it as you need to be sure what will happen with respect to that - the Official Receiver may have an interest in it - I'm not too clued up but you should definitely check it out.
df

andyf1980

dancingfairy wrote: »

I thought IVA's were also a form of insolvency and as such were also a no-no for people in specific posts in financial organisations? Your partner should check their contract and/or phone HR annonynously to check the position because not everyone in the financial services industry is prevented from going bankrupt - I think it depends on whether it is an FSA regulated role and also of course what the companies own policies are.
Perhaps your partner should consider a dmp (debt management plan) with one of the debt charities? Have you spoken to a debt charity about the options?
df

That's right. I worked in finacial service for the last 10 years, left and went br:rotfl:

I think a lot depends on the organisation. Most of the retail banks require you to hold a current account with them and so br or IVA is likely to be unacceptable and very visible.

The last company I worked (a non uk bank) did a credit check on me when I joined but I know for a fact they didn't do any follow ups after that. They had a catch all in the code of conduct about prudent financial management or some such wording.

Dancingfairy is right, if you are in a FSA approved role the FSA will revoke approval for BR which would normally count as gross misconduct.

Just thinking out loud but either a union or one of the debt charities must have experience of dealing with these kind of situations.

simbamk1

Thanks for that everyone, we are renting at moment, the reason I want to go bankrupt is the loads of niggly debts I have solely and the fact I earn far more than my missus, meaning if I went bust I would be free to work like a dog and earn as much money as I want so we can have a decent enough life. If my missus then done an iva it doesn't affect your professional status, she works in a building society and they are quite relaxed about things like that.

But if the iva is solely hers they would only take into account her much lower earnings therefore less would be paid into it over the 5 years her earnings don't fluctuate so no issues with having to pay extra for earning more...just need to know if it is possible and if I went bust can they still take into account my earnings for the iva, or would they demand that we both go bankrupt.



Many thanks

Craig

kepar

Yes can work "like a dog" but the OR will take an interest in your new wealth and with the new IPA legislation due to come in, he might take a lot of it. Maybe you have to wait a year or hopefully less if you get an AD.

dojoman

kepar wrote: »

Yes can work "like a dog" but the OR will take an interest in your new wealth and with the new IPA legislation due to come in, he might take a lot of it. Maybe you have to wait a year or hopefully less if you get an AD.

They will definitely take an interest in it. and will take ALL of the surplus cash bar £20. Have you done as Phil suggested and spoken to one of the debt charities?