can it be included

totallystuck112

Hi myself and my partner may have to go down the route of an iva as our seperate and joint debts are getting out of control. We aslo have about a 4k over payment from tax credits that we are paying back. Can this be included into our iva?

Saturnalia

I think so - they are certainly included in DROs.

ciderwithrosie_2

Pretty sure ours was, we've been receiving payments again anyway

totallystuck112

Is it possible for one person in a marriage to go bankrupt if most of their debt is in their name and not joint? With only 1 wage coming in (husbands), i dont work and the majority of my debt was before we got married?

stroodes

reply to totally:

yes you can go bankrupt in your own right, any monies paid into your bank account will be considered eg. child benefit, ctc.
your husbands earnings will not be considered.

stroodes

also any monies cb ctc will not be included when bankrupt as these are for the children, i presume that you may be declared bankrupt under the low income scheme therefore no money can be claimed from you unless your circumstances change ie if you get a job or win the lottery, your husbands wage wont be considered just make sure you have no joint bank accounts if you decide to go this route.

totallystuck112

I really dont know which option would be best for us to be honest, debts in my name in excess of 38k while my husband has 10k he is currently doing a dmp with cccs.
He cannot go near bankrutcy as he will lose his job and our home too.(service rented)
the car is in his name (did used to be in mine but i couldnt afford the insurance every month) so we changed it to his name. Will they want to take the car if i go bankrupt? Its only worth about £3500 but we would be quite stuck without it.
The whole bankruptcy thing seems so terrifying. My husband is away until october so im constantly worrying about this

stroodes

I don't imagine they can take the car if it's not in your name, I really think this may be the best option for you as you have no income. Also can i ask where you are as I am in scotland and bankruptcy differs slightly here.

totallystuck112

Im in south of england. We were thinking of maybe an iva that way we are just paying the one debt every month(if you see what i mean) and then both of our debts can be included into that without my husbands job being effected.
I have heard that iva last approx 5 yrs but i have a couple of queries about it.
If say in a couple of years time when my youngest can go to school i can get a job, does the ip need to be told and will they take all of the wages of my job as well as the agreed amount every month?
If so does this reduce the debt therefore reducing the overall time of an iva or does the ip take the extra funds for themselves in way of payment?

stroodes

I dont really know anything about iva's but you really need advice from one of the free agencies that give debt advice, you should phone national debt line and hopefully they will give you the tel. no. of your nearest agency, this is free and they will not judge you, you can make an appointment with them and they will go through the pros and cons of iva and bankruptcy with you to see whats best suited. Hope you get the help you need, my thoughts are with you, as been there myself.

FoggyBrain_2

totallystuck112 wrote: »

Im in south of england. We were thinking of maybe an iva that way we are just paying the one debt every month(if you see what i mean) and then both of our debts can be included into that without my husbands job being effected.
I have heard that iva last approx 5 yrs but i have a couple of queries about it.
If say in a couple of years time when my youngest can go to school i can get a job, does the ip need to be told and will they take all of the wages of my job as well as the agreed amount every month?
If so does this reduce the debt therefore reducing the overall time of an iva or does the ip take the extra funds for themselves in way of payment?

Hi. At the start of the IVA your payment is agreed according to your disposable income. If you get overtime or bonus payments, usually, half of these are paid into the IVA. Should you get a new job in the future, half of the increase in disposable income because of this will be paid as routine payments into the IVA.

Any extra monies paid in do not cause the IVA to eand earlier, they add to the money the creditors get. And, yes, the IP will get his share of this, as agreed with the creditors.

For IVA's there is no difference for you in going with one of the much flaunted "charity" or "free" agencies ---- they get their "cut" in exactly the same way as the private firms. They are only "free", in that all of your payment gets to the creditors, in DMPs (there they get a "donation" back from the creditors (no such thing as a free lunch!).

Pop over to https://www.iva.com for details of recommended private firms ( with reviews). Speak to a couple, as well as the Charity firms (CCCS and Payplan, both of whom do good things), the advice is free and non-judgmental.

Best of luck:)