Anyone in an IVA? Please help!

tornadobunches

Hi

Just been on the phone today with Payplan. They have offered a Debt Management Plan to sort out my debts over 9 years! which is no way what I wanted. They would only consider an IVA, which is what I wanted, if my wife joined me on a Joint IVA, as one of the debts is also joint, but the very large majority has noithing to do with her!

I was hoping to leave her out of the equation. But we now have the prospect of either both entering into an IVA, even though she has very small and manageable personal debt of her own, really beacuse of my debt. Therefore, further not only affecting her credit rating, but ensuring that not just me, but her as well can get no cfedit under the IVA for the next five years. She hasn't taken the news too well...mostly worried that if her car packs up we won't be able to get a decent enough new one without any ability to get a loan or HP, or wouldn't be able to save to enable to build up some kind of very large buffer if possible.........

Just really worried now...think i've really destabilised my wife, which is obviously ther last thing I wanted to do, and put her right in the middle of my financila problems when I wanted to leave her out.

Has anyone singularly or more important jointly entered into an IVA, if so how is it, has it worked out? or has any comments advice about this...

don't know what to do...

angelavdavis

I can't help, but I am bouncing this post so the folks that log on later can see it higher up the list.

stringer_2

I have one and it's not as bad as you think, I am in my second year and the first year is most definately the worst.

Your wife shouldn't need to be involved at all unless the loan is in joint names.

An IVA in for induviduals not households so she shouldn't need to do anything.

You will not be able to get any debt for 5 years and don't even try, I have and you get bounced back everytime.

Although, if you have a small credit card or catalogue don't offer the info as long as it's not with one of the lenders you are about to enter a IVA with.

Hope it helps