would like your opinions, IVA/BR/ DM

micric

Hi,
We are new to the forum and just about to decide which way to go..........hopefully!!!!
We would like some unbiased opinions on whether we should go for IVA/BR/DM
my wife and I have total debts of £45,000
£30,000 in my name
£13000 in my wifes name
£2000 joint names (bank overdraft)
I was expecting to go for a ' joint ' IVA but after sending in I&E to IP company,I was told that because more than 75% of my wifes debt was with one creditor,that creditor would definately vote NO to her trying to get an IVA,so was told she should go the way of Debt management,and that I should go on an IVA.......I'm not really happy for her to go on debt management,will take too long!

WE HAVE NO ASSETS

our I&E adjusted to this by IP. (all figures monthly)

income

myself £ 2114
my wife £ 547
child benefit £ 88 ends in september!

total £2749

monthly essential expenditure

£2,095

so surplus of £654 between us

my wifes share of expenditure around 20% so would be £419 leaving her a surplus of £128 for debt management ?
my share of expenditure at 80% so would be £1676 leaving me with surplus of £438 for IVA

now it gets a bit complicated!.....my wife is not well and has problems with her breathing,she has COPD,she has 2 part time cleaning jobs (10 hours each),the first one (£325) she has been doing for 6 years and she is happy to do this one,however the second one (£222) is very early start at 4.am,she has only been doing this job for around 6 months (to help pay the bills!).....it is affecting her health and I want her to give this job up,obviously if she can give this up it will reduce her share of income/expenditure,also child benefit soon to end so if this is taken off income as well our new I&E would look like this......

income after september 2011 if wife gives up 2nd job, child benefit stops

myself £2114
my wife £ 325
child benefit £ 0

total £2439

monthly essential expenditure now

£2,055 ......have taken off £40 for petrol saved from wife not using car for second job

so now surplus of £384 between us

now my wifes share of expenditure around 15% so would be £308 leaving her a surplus of £17 for debt management ?
now my share of expenditure at 85% so would be £1747 leaving me with surplus of £308 for IVA ?

advice/answers I would like would be......

1. whether we go IVA/bankrupt or debt management, jointly or separately.
2. would my wife be allowed to give up 2nd job,she has genuine reason to
3. is there ANY reason that I would not be allowed to go bankrupt,bearing in mind it wouldn't affect my jobs (I have 2 working 60 hours per week) in any way

sorry for length of this post, just wanted to try to get everything down in one go without forgetting anything
if anyone has an opinion/answer to my questions we would really appreciate it,thank you

FoggyBrain_2

HI there. First of all I would speak to a couple of IP companies (Have a look at https://www.iva.com for a list with reviews). How do your present company KNOW the creditor would vote no ?

Personally I don't like DMP's due to the fact that they can go on for decades, interest can still run and creditors are not bound in any way to co-operate. An IVA puts everything on a firm, legal, footing. Lasts 5 - 6 years. BR could have repercussions job - wise and lasts up to 3 years.

Chat to a few IP's to get a more rounded opinion.

Best of luck.

micric

Hi Foggy,thanks for the advice,I checked the iva.com website which I found very good,especially with all the reviews,I would advise anyone contemplating an IVA to visit this website.
I did contact a couple more IP's, both of them advised for joint interlocking IVA for my wife and myself and both came back with similar disposable incomes,i did feel that advice of original IP,who said that my wife should go for debt management wasn't the right way for us to go.So we have now decided which IP to go with and are about to apply for an IVA,will keep you updated on our progress,
thanks again,feeling a bit more positive now that we are actually going to start doing something,have been reading posts on here for a couple of weeks and have learnt so much.

FoggyBrain_2

You are most welcome micric. Might I ask who you have decided to go with.

micric

Melanie Giles........excellent reviews from everyone,
had first telephone interview yesterday with Tina
1 3/4 hours,seem very honest and helpful and really felt that they would work the hardest for the best solution to my debts.

FoggyBrain_2

Good choice! You won't go far wrong there. Both she and Tina are regular posters on https://www.iva.co.uk

shaunkip

I will also recommend Melanie Giles. Nothing but helpful and always willing to help and advise.