Iva, struggle general questions

kegz1975

Hi all

I was in a debt management plan then went into an IVA as my debts were simply not going down, and it was all old marital debt I got landed with from my ex hubby who stopped working and went onto benefit after the marriage ended. So the creditors turned to me , mediation failed and nothing was finalised via the courts or divorce re the finances after he stopped turning up for mediation.

so I ended up with thousands of pounds worth of joint marital debt so I am now in an IVA

So life has since moved on for me I have a new partner and two more children, 3 now in total.

after Having my 3rd child I had to give up work for a short period due to the fact I could not afford to work and pay for childcare
the IVA company have been great and I can have up to 6 months break at any time, I have already had that, now I am back doing casual hours as a bank worker for the local hospital, so I keep nursery attendance down, I still get to be a stay at home mum but can work the day they kids go to nursery and have a day on the weekend.

My income has gone back up slightly I now get a bit more income tax credit wise to help with the nursery fees, things are ok.

However since moving from the debt management plan to the IVA I pretty much got told that I could only do the IVA if I was to pay 150.00 per month, I sometimes only earn double that now working again, some months are less depending on shifts I can get.
I am currently waiting to see if they will reduce the amount to suit my circumstances and i worry that they will say no and force me to bankruptcy if I can't pay the IVA. I am due to start making payments again in april.

Questions

Can I still attempt to get financial mediation for old marital joint debts through the court and get the debts shared equally or is it too late. would it be worth it ?

to get rid of the debt would bankruptcy be an option.

If I am made bankrupt, who knows about it
can I still keep my bank account for wages
will it affect my employment and do I need to tell them
how does it affect me living with my partner??? the house and everything bills the lot are in his name, mortage included as I didn't want to go on the mortgage due to the fact I have a poor credit rating we have no joint accounts or anything. he has an excellenty rating cause he is finance savvy.
Can they take my car??? I need it for work and school runs as my partner works 12 hours a day 5 days a week.

Another thing I am thinking of is this
contacting my creditors asking for a settlement figure based on if I was to pay the debt off within 14 days of the conversation or a date stated by them which some have done in the past and held the offer for a month.
I was thinking of getting a total figure on all debts see how much I could wipe off and see if my partner would get a loan to help me and do it that way.

I just want rid of these debts. sorry to rant and all the questions but some of the debts are going on for nearly 13 years old or more especially on the joint ones.

thank you, please any advice would be gratefully received x

longtermplanner

kegz1975 wrote: »

Can I still attempt to get financial mediation for old marital joint debts through the court and get the debts shared equally or is it too late. would it be worth it ?

Court agreements as to how assets and debts should be spilt only really work if the 2 parties fulfill their sides of the bargain. The court's proposals don't change the nature of the debts that you are a party to and if your ex doesnt pay you will be chased for any which are in joint names. I would forget this option, I suspect it is a red herring that will bring you nothing but aggravation.

to get rid of the debt would bankruptcy be an option

broadly yes. Some debts aren't included, student loans are the most common type, but all normal consumer type debts are wiped out. If you think you have anything unusual, say what it is and we'll say if it would be cleared.

If I am made bankrupt, who knows about it

you, anyone you tell, your creditors. That is the basic list. Your employer will find that your tax code has been changed, but not why. You dont have a landlord. Up until a few years ago an ad was placed in local newspapers, but this is now only usually done if you have been running a business locally. Your name will appear on an insolvency list in the same way that it is on a similar list for an IVA at present.

can I still keep my bank account for wages

unless it is with Barclays or the Co-op,, probably not. but you will be able to open a basic bank account with Barclays after you go bankrupt and use that for your wages.

will it affect my employment and do I need to tell them

you are a bank nurse or similar in a hospital? No that shouldn't be affected.

how does it affect me living with my partner??? the house and everything bills the lot are in his name, mortage included as I didn't want to go on the mortgage due to the fact I have a poor credit rating we have no joint accounts or anything. he has an excellenty rating cause he is finance savvy.

if you have no joint accounts or jointly owned property, it should not affect his credit rating

Can they take my car??? I need it for work and school runs as my partner works 12 hours a day 5 days a week.

how much is it worth?

Another thing I am thinking of is this
contacting my creditors asking for a settlement figure based on if I was to pay the debt off within 14 days of the conversation or a date stated by them which some have done in the past and held the offer for a month.
I was thinking of getting a total figure on all debts see how much I could wipe off and see if my partner would get a loan to help me and do it that way.

I think you should talk to your IP and ask what figure you would be able to settle the IVA for. That way it would be binding on all your creditors. How large the figure will be will depend on how large your original debts were, how much you have paid in so far etc.

I just want rid of these debts. sorry to rant and all the questions but some of the debts are going on for nearly 13 years old or more especially on the joint ones.

it is a shame you didn't go bankrupt a long while ago. But you are where you are now and part of the way through an IVA, settling the IVA is often a better route.