Hi there, my husbands credit cards are out of control and he needs to borrow each month on others to make the minimum payments and can not contribute much to the household each month and now I am drowning. He wants to enter into an IVA and I see no other way out. The only concern I have is that I work for a High Street Bank and my employer is my only creditor, I have managed my finances as best I can and even remortgaged twice in the past to help him out. I am FSA and GI regulated and I am worried that I may lose my job or chances of promotion and I want to pay back my debt with the Bank. I have got to the point now that I can manage the mortgage from savings for the next 3 months. Any advise desperately needed. thanks
Hi
Your husband can take out an IVA for himself only,leaving you to service your debts in full.He will then be able to contribute a fair share to the household bills and ease your burden
Regards
Thank you, I feel as though I should no more about this than I do, he went to the CAB today and they told him that I have to enter into this with him as a couple, Thanks for the advise, I feel more confident now looking into it further. Beth
That is not good advice - because if you have sufficient disposable income to cover your debt repayments you are not insolvent! You also cannot propose an IVA if you only have one creditor.
I would suggest that your husband seeks advice directly from an insolvency practitioner, who will be able to discuss all of his options to enable him to make a reasoned choice about the future.
I agree with Andy completely - this is really dangerous advice. Perhaps he received advice from a general CAB person rather than a debt expert.
I would strongly suggest you do the research either on this site or iva.com, and get the help of a serious professional who has clout in the industry and with the banks.
You could of course save yourself a lot of time, make a wise choice and give Melanie a call.
Paul Johns
Reviva UK
Assisted Bankruptcy Specialists www.revivauk.com
