An IVA without my wife

Hi,


After a few battles with mental health and family troubles I'm trying to once again get my finances on track.

I have 9 unsecured debts that have now all defaulted due to many reasons, but mainly having the capacity to deal with it. I have read many posts on here and can see I'm certainly not alone but a lot of the times feel very much so and have been in a place where i couldn't see a way out. However trying to deal with issues and get my life on track.

I have been through stepchange on put my expenditure down amd having a look through various options.

The 9 debts amas to about 63k, all bar 2 are solely in my name but 2 are joint with my wife, a loan and an overdraft that are both defaulted at 23k. I thought you could do a joint IVA but it appears this is not the case?

My wife and I are having issues and are building trust back up together but we now how separate bank accounts.

My query is, can I apply for an IVA to include all the debts including the joint ones? And my wife wouldn't have to apply for one? Not sure how it would work with joint accounts.

Thank you for reading, a hard posy to write, almost like starting again since my last post after some real issues that are finally feeling like they are behind me.

Any help as always is appreciated 
.thank you


Comments

  • sourcrates
    sourcrates Posts: 28,504
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    edited 27 September 2022 at 6:00PM
    Any joint debts included in an IVA would only release you from any liability, your wife would or could, be chased for the full amount of each joint debt still, as you are both jointly and severely liable.

    Your wife would have to look at her own debt solution for the joint debts.

    Can I just ask, are you homeowners, or do you rent, or something else?

    IVA`s are designed for homeowners, if you were not a homeowner, you could both just go bankrupt £680 x 2, possible IPA for 3 years, as a pose to 50k plus over 6 years in an IVA.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • We are home owners with not a huge amount of equity in the house.

    That makes sense on the joint IVA, thank you. If we were to apply for single IVAs I assume we would go off what we individually earn. As I earn more than her so therefore pay more towards the joint bills, mortgage, utilities etc?

    Thank you
  • sourcrates
    sourcrates Posts: 28,504
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    Yes, I believe you can do IVA`s as a couple now, one arrangement each, so you can both work either off joint or split budgets.

    Best place to discuss this is with either National Debtline, or Stepchange, the IP Stepchange uses charges the least in fee`s, and out of a sea full of IVA sharks, has a somewhat better reputation than the ones who cold call you.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • So probably best to work out our individual expenditure first I guess just trying to keep her credit rating in a better position than mine as I'm at fault for a lot of the debt and a lot of our issues

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