New To IVA

Andyoz_2

Hi everyone just after some advice to see if im doing things right.
Ive been told that i would be better off with an iva as ive been sitting on debt for ages.

Company i was shown too is debt solution's helpline just wondered if anyone else is under them or could give me advice on what to do next.

Cheers

Andy

Charco_2

Give some more details... (size of debt, monthly repayments, property, partner)

Andyoz_2

Charco wrote: »

Give some more details... (size of debt, monthly repayments, property, partner)

Well i've been told i have around £47,000 of debt more than half is in joint names with my wife whom iam getting divorced with.

In term's of repayments well i myself have been ignoring it due to the fact my ex wife has the if they find me they can have it attitude.

Let me say ive always wanted to pay off all the debts but have been to frightened until now where i have to take action.

Part of the debt is my propety a repossion of our family home and we or i have no children.

Hope someone can give me advice or point me in the right direction

Regards

Andy

Charco_2

OK, so in an IVA (or any debt solution) you will have to deal with £47,000 of debt and your wife will also have to deal with any proportion of that debt that is joint. You'll deal with your share of it and the banks with joint debts will still be able to pursue your wife (ex).

You'll not be the first person to shy away from dealing with debts and certainly not the last, but at least you are facing up to them now - ignore them and they will only get worse!

Regarding repayments, have you had a sit down to consider how much you could reasonably afford to repay each month. This requires drawing up a monthly budget - not easy at the best of times, probably much harder if you are currently separating from a partner. (Is the divorce an inevitability, would have happened anyway or is it as a result of debt and debt related pressure? - Dont answer this, its none of my concern obviously but something you could/should consider... once the pressure of debt is lifted would you have been a successful couple?)

Are you already living on your own? Do you have a rough idea of what your bills might be... rent being the main one!