Single IVA when married

hoping2014

Hi

Wondering if anyone can help!

My husband has about £30k of debt and thinking about an iva/dmp which I think would be a great help to him.

I manage fine with my money and debt and don't want an iva/dmp (and can't due to my job). We share the joint expenses 50/50.

Does anyone know how it would work for him and what info about my income/expenses would the debt management company need?

We would probably use Payplan as my sister has an iva through them and hasn't had any problems.

Thanks

Find_The_Real

Hello hoping and welcome

My first question would have to be do you have any financial association such as mortgage, bank account or credit with your husband as any reduction in the payments will affect both of your credit files if you are financially linked, and should you have any joint debts if these are included in formal insolvency such as an IVA, then under joint and several liability you would be responsible for the outstanding amount. I am presuming none of the £30K is secured.

As you have said you manage your finances ok is your husband struggling with the debt repayments? It may be useful if you could put a bit more detail or perhaps post a SOA so we can get a better idea of options. This can be found here

http://www.stoozing.com/calculator/soa.php

It would be an idea to speak to a couple of debt charities such as CAB, Payplan or Stepchange and if you are thinking of an IVA I would contact a couple of companies as well for free advice. I would also do as much research as you can about all the options available before you decide on a debt remedy. If you google 'iva company reviews' a few sites can be found giving you an idea of people to chat to. I appreciate that your sister has had good service with Payplan but it always helps to seek as much advice as you can before deciding.

Debt camel also has a very good page about debt options and although should not be taken as definite advice, it does list all the debt options in a easy to understand format with pro's and con's.

http://debtcamel.co.uk/debt-options/

longtermplanner

How long would it take to clear his debts if interest was frozen on all of them? ie if he can afford to pay £500 a month to a DMP, then it would take 30,000/500 = 60 months. Does he think that is reasonable?

If he does, then a DMP is a possibility. (There is also the possible option that after a couple of years in a DMP he may get some offers of a full & final settlement, which you might decide to help him out with?) In a DMP no-one is going to ask about your income/expenses.

But 30k is a lot of debt for a DMP. A formal debt solution might be better - an IVA or bankruptcy. In an IVA though I think you would be expected to pay the proportion of household expenses according to you income - if you earn 50k and he earns 30k, you pay 5/8 of the expenses. This might not leave room for you to be paying all your own debts if these are large?

An IVA shouldn't affect your job.