IVA should I or shouldn't I

motivated

Will be looking at other options and reevaluating our situation.  Thanks for the responses 

Hi all
ive not been around much lately. Head back in the sand kind of situation.  Anyway cutting a long story short I'm looking for advice on an IVA for just myself. DH wants to tackle his debts himself.  (They are not half as much as mine). 

I've been in touch with Pay plan l who have budgeted etc for me and advised an IVA. My debts are £62,000 loans and CCs. All defaulted.  ouch.   Please don't judge me. 

It seems tempting but I'm worried if I have to change banks etc again.   We already have a joint basic account, no overdraft or debts linked to it. 

My questions are:
is it a good idea
Will our account be affected
will my IVA affect my husband at all

any advice please
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Galloglass

You have another 84-page thread on the subject. 
https://forums.moneysavingexpert.com/discussion/5593761/debt-demolisher/p84

From June in that thread

We've not made any progress on our self managed DMP and our debt has risen a little. EF has been exhausted and savings pots are looking very sad.  

The main question is whether you can maintain an IVA over the period or will this just end up being cancelled with you back to square one. The only person that can answer this truthfully is yourself.

motivated

You're right. Thanks for your reply 

RAS

Whatever you do, if you and DH want to manage your debts separately, PLEASE get separate bank accounts, preferably with banks not connected to each other.

Beyond that, speak to a debt charity not PayPal .

fatbelly

Actually Payplan are OK. But the principle of speaking to more than one IP before taking the plunge is a good one. here's what Debt Camel says:
https://debtcamel.co.uk/choose-iva-firm/

I'm not going to read 84 pages of posts in the other thread so one question:

Do you own your own house?

motivated

No we’re council tenants fatbelly.   

motivated

Thankyou RAS.  I meant payplan not PayPal sorry.   

Galloglass

No we’re council tenants fatbelly.  

IVA's are usually for those who have assets to protect so Payplan suggesting an IVA appears odd unless this was an alternative to outright bankruptcy. Is there an issue with going bankrupt such as non-property assets? 

motivated

Bankruptcy petrifies me if I’m honest.  It’s like someone else takes control of everything.  Bank account etc.   And yes I know we’ve made an absolute dogs dinner of it but it’s so scary and I suppose I’m a little naive and not sure exactly how it works.  

[Deleted User]

motivated said:

Bankruptcy petrifies me if I’m honest.  It’s like someone else takes control of everything.  Bank account etc.   And yes I know we’ve made an absolute dogs dinner of it but it’s so scary and I suppose I’m a little naive and not sure exactly how it works.  

I don't understand why you'd tie yourself to an IVA either if you don't have an asset such as your home to protect. With an IVA if you don't stick to it your creditors can force you into bankruptcy anyway. https://www.stepchange.org/debt-info/iva-or-bankruptcy.aspx

motivated

Thankyou and I've realised than an IVA is not for me.   I'm going back to the drawing board and crunch some numbers again.  Plan B whatever that is will be my next option.  

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