Considering BR

DaughtaHelper

I am helping my daughter who has considerable debt as a result of being a student nurse. The amount is above the IVA limit and so she is considering bankruptcy. Having just got married, how, if at all, will her debts or bankruptcy effect her husband? for example in getting a mortgage? He has a good income in his own right. If she takes bankruptcy, will the OR require her to make a financial contribution from her income, and if so, any idea how much?

Gimpsdad

I am a little confused. There is no upper limit to an amount that can be considered for IVA.

Not that I am saying that she should do it, just that it may be an option when you feel that it isn't.

Any contribution to debt, whether by IVA or BR should only be set at a level that she can afford to pay, it shouldn't be too much of a struggle. Anyone not jointly linked on her debts should not suffer an adverse effect on their credit file on IVA or BR either.

endora

Before making a decision you and your daughter should look at all the alternatives, such as DMPs, etc. You may be mistaking an IVA with a DRO, there's a £15k limit for DROs.

Yes, she will be required to make a contribution from her income, this will depend on how much disposable income she has.

DaughtaHelper

Gimpsdad wrote: »

I am a little confused. There is no upper limit to an amount that can be considered for IVA.

Not that I am saying that she should do it, just that it may be an option when you feel that it isn't.

Any contribution to debt, whether by IVA or BR should only be set at a level that she can afford to pay, it shouldn't be too much of a struggle. Anyone not jointly linked on her debts should not suffer an adverse effect on their credit file on IVA or BR either.

Thanks very much I'd mistaken IVA for DRO

PippaGirl_2

Also, BR won't write off any student finance loans, it is one debt that never disappears.