IVA Do I Don't I???

debtfree2016

Hello all
I have been looking into a IVA as my personal debts are getting to the point of unmanagable..
I'm married and have a joint mortgage and some personal loans, we both work so i'm just wondering if i should apply for the IVA on my own as most of the personal debt is in my name? or is that who ever lives in the house and contributes to the debts is also accountable any suggestions much appreciated!!
Currently in may name £43.5k, my wife has her name on my cards although they are in may name and also the other way round...
I want to pay off my debts and want this burden lifted of our shoulders..
Thanks in advance:A

FoggyBrain_2

Hi. It is possible for you to have your own IVA for your debts (not joint debts). Partners income in this case won't be taken directly into account, but will be used to calculate your "share" of the household expenses. For instance, if you both earned the same amount, it is reasonable to assume you split household expenses 50/50.

I would suggest you speak to a couple of IP's to compare what they say and see which you feel more comfortable with ( and avoid any that charge upfront fees). A list of reputable companies can be found at https://www.iva.com with reviews too.

Charco_2

It's up to you... if you wish to enter an IVA alone then that's your choice if you wish to do a joint IVA then that is also your choice (except that technically joint IVAs dont exist)

Joint IVAs are actually what is known as "interlocking and mutually reliant" - basically they are actually two IVAs - two separate structures, two separate payment plans, two creditors meetings, two separate fees (but not actually twice the price) etc but you are able to treat it as one as you can make one simple payment and the IP will sort out the rest.

The decision to enter an IVA alone or "joint" is up to you... so you should try to understand it before you make your choice!

Remember any joint debts you have are owed by both of you! If you don't/cant repay a joint debt, the other named party is liable for the whole amount. So if you have £43k of debt and it is all joint then your wife also has £43k of debt.

When you enter into the IVA, any debts that are joint will still be owed by your wife... so you would be repaying the debts in the IVA and your creditors would still be pursuing your wife for the debts. The choice then would be to consider if your wife would be able to afford to manage her debts and the proportion of your debts which are joint.

It might be easier to explain if you could list your debts, her debts and your joint debts. (and if you could list roughly the amounts each creditor receives from you each month)

stompin-sarah

my mum entered into an iva nearly 5 years ago now (shes nearly at the end of it) and she owed 80k

she said it was the best thing she has ever done

debtfree2016

stompin-sarah wrote: »

my mum entered into an iva nearly 5 years ago now (shes nearly at the end of it) and she owed 80k

she said it was the best thing she has ever done

Thanks Stompin-sarah, your comment is much appreicated.:beer:

debtfree2016

It might be easier to explain if you could list your debts, her debts and your joint debts. (and if you could list roughly the amounts each creditor receives from you each month)[/QUOTE]

Hi Charco

I will put it altogether this weekend and come up with amounts and dates, I have around £36k equity in my property the problem is the LTV is around 86% in order to re-mortgage or take out additional lending you need to have 80% any thoughts on this whilst i put the figures together?
Cheers:beer:

debtfree2016

FoggyBrain wrote: »

Hi. It is possible for you to have your own IVA for your debts (not joint debts). Partners income in this case won't be taken directly into account, but will be used to calculate your "share" of the household expenses. For instance, if you both earned the same amount, it is reasonable to assume you split household expenses 50/50.


Hi FoggyBrain, thanks for your advice, i'm going to put some figures together over the weekend, salary wise my wife and i put both salaries into the same account and everything comes out of the one account. My income is 3rd more than my wifes.
cheers:beer:

debtfree2016

Hi Charco, as promissed.
I have 2 credit cards in my name toatalling £13k currently paying £300p/m (Barclaycard/Tesco)
A loan of £31k inc all interest to be completeed Oct 2016 currently paying £449p/m (HSBC)
A loan of £3.7k inc all interest to be completed Oct 2012 currently paying £174p/m (Blackhorse Car)
A loan of £1.2k inc all interest to be completed Feb 2012 currenyly paying £102p/m (Blackhorse)
A loan of £6k inc all interest to be completed Oct 2012 currently paying £345p/m (CitiFinancial)
My mortgage is £213k
As you can see i have loans that finish within two years, equity in the property would be £36k but that would mean a 100% mortgage. I don't want and IVA unless it's the last resort, cards are not being used and i have no intention of using them. I have never missed a payment in loans or mortgage and probably late once or twice on the cards due forgetting not on purpose.
Thanks in adavnce for any advice