Iva queries

Tylo

Hi

I hope someone can help. My husband and I are both in IVA's and have been for around 18 months. We have always felt that we rushed into this decision as we were so desperate and that BR was probably the best option.

I have a few queries.

We have a joint loan that is listed in both our IVA's. so therefore the total of both our debts listed in each iva is more that our actual debt if this makes sense as the debt amount is listed twice. Is this how it should be and does this not affect how our payments are worked out?

If one of us fails their iva what happens to the joint loan creditor? They would obviously still be receiving a payment from one of us so would they chase the other?

I only earn around £500 per month and my iva payments are £155. Does this seem a fair amount?

Thank you. Any advice is greatly appreciated

longtermplanner

Tylo wrote: »

We have a joint loan that is listed in both our IVA's. so therefore the total of both our debts listed in each iva is more that our actual debt if this makes sense as the debt amount is listed twice. Is this how it should be and does this not affect how our payments are worked out?

yes this is what should happen. It won't affect your payments, as they are determined by your income rather than your debts (unless you can repay almost all the money you owe in 5 years which sounds unlikely.)

If one of us fails their iva what happens to the joint loan creditor? They would obviously still be receiving a payment from one of us so would they chase the other?

You can't usually have a joint debt included in an IVA. You will need to ask your IP what would happen.

But you really need to decide what to do as a couple. It is very unlikely that one of you failing the IVA and the other continuing would make sense.

only earn around £500 per month and my iva payments are £155. Does this seem a fair amount? Any advice is greatly appreciated

That is impossible to say as it depends on what your partner earns and what your household expenses are.