IVA and Joint Mortgage

SMcGonical

I initially agreed about starting an iVA as a company I was talking to told me my debts were £36k, as this is something that I have let get out of hand (keeping on top of and not dealing with very well) I believed them, I have initially set up the IVA with them, however I have had serious doubts since (only since Friday when I had the call) I have also found out that my debts, while still high are not £36k they are £10k lower. 

After taking time to look at my finances in more detail myself (I had hidden away from them as they were accrued after a long period of addiction to gambling and depression) I believe I am able to pay back what I owe without going into the IVA, now I know it is not as high as they have advised me. it may take me longer, but at least I can pay it all back. I found out via Credit Karma my total debt. Why would they have a different amount?

Also, I am tied into a fix rate mortgage with my wife for another 2 years. We want to get an extension with the equity in the house, however my wife will be looking to take the mortgage on as her credit is very good. However my understanding is that we won't be able to do that if I am in an IVA. Is that correct?

 

sourcrates

Who is this "company you were talking to" ?

Are you certain you are talking about an IVA, (Individual Voluntary Arrangement) ?

As you cannot just "set one up", an IVA is an official insolvency solution, and is organised through an Insolvency practitioner and your local county court, they have to go through your income/expenditure, obtain details of all your debts, make a proposal to put forward to your creditors, organise a creditors meeting where your proposal is discussed and either accepted, accepted with amendments or rejected.

All this can take up to 6/8 weeks or more, is this what has happened, or what stage are you at with it, or were you meaning something completely different such as an informal debt management plan (DMP) instead ?