Individual or joint - help please

georgie14

Hi,

we are in the process of the starting IVA but we are still trying to get our heads round it.

at the moment the majority of the debt in in my husband name and the only joint debt we have is our mortgage. although have a small amount of debt in my name (around £5000) we were going to do a joint IVA but have since thought single IVA for my husband would work out better - has any one been in a similar position?

what do the lender look at because i will have an income will they refuse IVA as we could pay more jointly or will they take my husband application on its own merit? obviously i would adjust the expenses to account that i will be contributing but the majority of bills have always come out of my husband account (mortgage, utilities etc) will they expect me to pay half of these?

sorry again for all the questions we are still trying to get our heads round this.

also we have been using credit to live (i.e petrol & food) but i am concerned now that we should stop using cards as they may see this as decitful that we have been using credit knowing what we aredoing ahhhh just cant seem to get my head round this

thanks

debtfree2016

hello Georgie..

Whenyou say you are in the process of starting and IVA do you mean you have spoken to anyone or just looking into. If not then i would suggest a visit to the following site www.iva.com for a liat of companies who could i advise you better. Before this wi wouls suggest contacting your local CAB office for some help and advice.

I was unsure if i should do a joint or single, decided joint as we had a large amount of debt but mostly in my name, you say you are bringing in an income i would guess that a proportion of you income would be allocated to your general household bills and mortgage. Your individul debt can you make the payments to this if so it might be worth a single IVA.

Again i can't really advise but there will be someone who will, take care and ask questions.

Baest of luck

georgie14

hi thanks for the reply.

we havent contacted an IP yet so any recommendations would be gratefully received we have only contacted cccs who said IVA is our best solution

i understand that we have a "joint" income as such but i have my own commitments like a family loan which i pay everymonth and if we did just single it would mean i could continue to pay this but i dont want to do anything that goes against us so i want us to get it right from the start.

oh it seems so daunting and my husband is still rather reluctant as he thinks "things will get better" and luckily for us we have kept our head above water and never missed a payment yet but we rely on bonus (which is not guarenteed) and is looking less likely to acheive and my hours at work are going to be cut soon by a day a week so this will have a massive impact so i am trying to get us to do something before its too late.

i see so many posts on here of people who are depressed and ill with this and i can see how easy it is and i really want to try and be proactive

sorry rant over

judojub

Hi georgie
Use the link that Marklinard has posted. There are some great companies on there (along with reviews). Please give two or three a ring, they will give you some free and impartial advice on your circumstances and advise you on what would be better for you and your husband.