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Advice appreciated
jonesy1973
Posts: 43 Forumite
Hi all, ive posted on here a few times but it has been a while and i would be very greatful for some advice.
I had an iva approved around a year ago and have only made one payment since, due to a payment break in regards to my wife being on maternity leave.
To try and keep this thread as short as possible i'am just going to list my concerns/thoughts and would be greatful for any opinions and advice.
* debts are over 70k (including shortfall on house after volantry repossesion.
*my wife and i take home approx 2200 per month
* we cant afford to pay the 1st payment of iva, stepchange have had to arrange a meeting of creditors in light of this.
My thoughts at present are leaning towards applying for bankruptsy as i can see the iva failing somewhere down the line. (however, cant afford bankruptsy fee)
Im struggling to speak to my wife about this as she has suffered post natal depression after the birth of my son and i want to protect her as much as i can from the mess we are in.
(she is jointly included in the iva.)
thanks for reading everyone.
:(:(
I had an iva approved around a year ago and have only made one payment since, due to a payment break in regards to my wife being on maternity leave.
To try and keep this thread as short as possible i'am just going to list my concerns/thoughts and would be greatful for any opinions and advice.
* debts are over 70k (including shortfall on house after volantry repossesion.
*my wife and i take home approx 2200 per month
* we cant afford to pay the 1st payment of iva, stepchange have had to arrange a meeting of creditors in light of this.
My thoughts at present are leaning towards applying for bankruptsy as i can see the iva failing somewhere down the line. (however, cant afford bankruptsy fee)
Im struggling to speak to my wife about this as she has suffered post natal depression after the birth of my son and i want to protect her as much as i can from the mess we are in.
(she is jointly included in the iva.)
thanks for reading everyone.
:(:( :cool:Embrace The Chaos!:cool:
0
Comments
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I don't think ou can go bankrupt unil the IVA has failed. I suggest you talk to your IP and either try and tweak the IVA so it won't fail, or agree to breech it and fail it with minimum fuss.
As fae as I know you don't get joint IVAs but interlocking ones (ie lenders have to approve both or none), you'd both need to go bankrupt in that case. The other possibility is that one of you are in the IVA, but the other is mentioned and expenditure and income splits are shown. This depends on who's debts they were0
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