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    • claireew29
    • By claireew29 4th Oct 17, 12:37 PM
    • 9Posts
    • 0Thanks
    Advice please xx
    • #1
    • 4th Oct 17, 12:37 PM
    Advice please xx 4th Oct 17 at 12:37 PM
    Hi and thankyou in advance for any much appreciated advice..

    I'll start with the situation basics

    My husband was employed by a friend and made director. He co signed a personal guarantee whilst there so the company could have credit. Left the company over a year ago and was removed as director (prior to leaving). Old company has now gone into administration and we received a bill through the door for almost 50000 from the company that had provided the personally guaranteed credit. The company are aggressive debt collectors and have already threatened enforced bankruptcy.

    Husband is obviously in the dog house for signing in the first place - but he genuinely didn't realise that the debt could follow him after he had left the company.

    We don't have the funds to pay the bill - already have debts of 50000 ish that we are just managing to pay off and had a 3 year plan in place to do so. The co-signer won't disclose what his plans are although we keep getting told that he is having an IVA put in place and will be approaching the company to pay an "amount", apparently part of his stipulations in paying that amount will include that my husband is removed as a guarantor. However, this has been going on for almost 2 months and we don't know the amount being proposed so it is still highly likely that we will be approached and asked to pay money that we just can't afford.

    .We've taken legal advice and don't have a leg to stand on..
    .A financial advisor has suggested an IVA - however I'm quite against this as I earn an ok ish salary in my own right that allows me to get good overtime money for treats etc and I don't see why my credit should be affected for the next 6-8 years.
    .we do have equity in the house and bankruptcy would obviously swallow my other half's share but it would leave me enough to pay my debt off and possibly have enough for a deposit on a much smaller place.
    We have a small child..

    My question is - is if comes to bankruptcy approximately how much would my husband have to pay for the 3 years? Do they take my salary into account, would we be better renting a place? would I be better getting rid of my other half

    Is there anyone we can approach for formal advice other than the debt advisors that will recommend an IVA

    Many thanks x
    Last edited by claireew29; 04-10-2017 at 12:50 PM.
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