Iva or bankruptcy please help

sharpe106

Shaunw1987 said:

sharpe106 said:

Shaunw1987 said:

The soa asks my partners income but not her expenditure do I add that to the form I'm confused? 

Are you sharing bills etc? or do you have separate money. If you share the money and the bills need to put both your and hers on. Basically the better information given the better advice you can get. 

We keep our money separate and pay our bills separately too the only thing we'll pay for jointly is for food. 

Maybe as you have children together, having a single pot of money might make budgeting easier.

sourcrates

Shaunw1987 said:

OK some good news spoken to stepchange and gone through a detailed income and expenditure everything has been taken into account and halved I have 9 pounds left over after everything has been payed I've been advised that I've got a good chance of being accepted for a dro fingers crossed. 

Thats exellent news, I thought you were more in DRO territory, with a DRO -

• You don’t pay anything towards your debts for 12 months. After that they'll be written off
• Your creditors can't pursue you for your debts during the 12 month period
• Although a DRO is a formal debt solution, you don't need to appear in court
• After 12 months your home free.
  

sammyjammy

Shaunw1987 said:

Good evening I'm looking for much needed advice regarding the above title I currently owe just over 10k on 3 different credit cards my partner has roughly the same and is with creditfix and has been for over 6 months

In your initial post you say your partner is with creditfix, is that an IVA?

sammyjammy

There is a serious problem with all this inappropriate IVA selling, are they not covered any laws?  Its so sad to see people duped into them.

Shaunw1987

sammyjammy said:

There is a serious problem with all this inappropriate IVA selling, are they not covered any laws?  Its so sad to see people duped into them.

Yea she has an iva with creditfix and has been for 11 months one of the reasons I went for an iva initially as she set it up hassle free I contacted the same company when I decided to go down the iva route but got regected because I didn't have enough creditors I only had 2 and they said I needed 3. 

sourcrates

Most debt solutions are regulated, and have fixed fees, DMP’s are to be regulated soon when the Government gets over Covid-19, unfortunately with IVA’s, there are no fixed fee’s, an IP can charge what they like, which is why they get mis-sold by these debt management companies, perfect case here, a debtor with ten grand of debt, sold an IVA, when it was wholly inappropriate.

For others reading this, an IVA is a good choice if you have £100,000 of debt, and own a home, you cannot go bankrupt, as the house will be forfeited, so an IVA is a good choice for you, you pay back a portion of your debt, and keep your house.

If you don’t have assets, then bankruptcy is usually better than IVA, less than 20 grand in debt, a DRO or debt management is a better choice, it’s all dependant on circumstances.

fatbelly

sammyjammy said:

There is a serious problem with all this inappropriate IVA selling, are they not covered any laws?  Its so sad to see people duped into them.

It's poorly regulated and the lead generators that feed clients into them are totally unregulated.

It's a major issue, and particularly annoying for heavily regulated advisers at the mainstream debt help organisations who are having to deal with the casualties.

IrishSean

fatbelly said:

sammyjammy said:

There is a serious problem with all this inappropriate IVA selling, are they not covered any laws?  Its so sad to see people duped into them.

It's poorly regulated and the lead generators that feed clients into them are totally unregulated.

It's a major issue, and particularly annoying for heavily regulated advisers at the mainstream debt help organisations who are having to deal with the casualties.

The companies sound like bottom-feeders

Ironically anyone in an IVA should be receiving more help. In short an IVA Supervisor should be assisting with additional support if client is finding it tough with C-19. 

See MSE coronavirus  finance & bills section for more info: might be useful to OP & esp. his spouse.

IrishSean

*partner, sry👌

Galloglass

Get your partner to check with Stepchange or whoever if a DRO is appropriate for them too. IVA's can be cancelled but you lose all of the payments made and it's back to square 1. But square 1 may be a better starting point for a DRO.

I've read somewhere that 27% of all Creditfix IVA's get cancelled.