Please help!

bailey80

Hi, I need some advice, me and my husband have around £20,000 of debt, this is spread over about 12 different creditors and we have just been digging a deeper and deeper hole for ourselves.

We started a dmp last year, but we dont feel its working out for us, we are still getting pestered on a daily basis and interest and charges are still being added.

We are interested in starting an IVA, however I dont know if we will be able to because most of the debt is in my husbands name, and only a few thousand of the debt is in my name. I really want to do a joint IVa, but I read that you have to have at least £12,000 of debt to start an IVA.

We have a car on hp which we want to give back and then add that on to the IVA as well, will we have to wait until we have a final figure from this company before we can apply for IVA?

Thanks, i hope someone can help x

FoggyBrain_2

Hi. I see no reason why you cannot both enter joint ( actually interlocking) IVAs. Might I suggest you pop over to https://www.iva.com and have a word with a couple of the companies represented there for specific advice. It's free and without obligation. It's always best to chat with more than one company until you find the one you are most comfortable with. Once they have the full picture they can advise as the the best way forward (which might not be an IVA). Have a word with a few before you start down any particular road.

Do you have a property to protect ? It could be that BR is a better option. This will also be explored by any reputable firm.

bailey80

We dont have a property, we privately rent and it states in our tenancy agreement that if we are made bankrupt we will have to give up the house, i would be worried we would not be able to secure another property in our situation.

FoggyBrain_2

Bit tough on the tenancy agreement, but, OK, so an IVA looks more likely. Have a word with a couple of companies and also read around the forums to get as much info as possible. There are also a livley bunch over on https://www.iva.co.uk

sniktar

Do NOT pay for an IVA.
To have an IVA you need around £150/£200 per month disposable income.(Money available after you take your monthly expenses from your income total.)
To save money and stress, visit a free advice service like CAB - first. I work for CAB but there are many other free providers.
There are other options - so seek advice before you decide what to do

FoggyBrain_2

Sniktar. I appreciate your sentiments, but the OP has tried DMP, which isn't working for them, so that leaves DRO -- which is out as the debt is too high, BR, maybe a bit drastic and will lose them their tenancy and IVA (which you have told them not to go for).. I would be very interested what you consider to be an alternative.

Incidentally, if CAB think an IVA is the way they will, more than likely refer them to Grant Thornton.

milliemonster

Sniktar, why have you immediately said an IVA is not the right option for the OP? you have no idea of their financial circumstances so this is very biased, the OP needs to take advice on ALL the options available to them and then be able to make an informed decision on what is best for them, they have already stated a DMP is not working for them which leaves a DRO, IVA or Bankruptcy as Foggy has suggested.

As far as IVA goes, the OP will not have to pay for an IVA, there are many reputable companies who do not ask for upfront fees and these are the ones the OP needs to be speaking to if they decide this route is right for them, even once in an IVA, fees are set by the creditors themselves, not the IVA company