Do you have joint debts? If so then you could probably try for an interlocking IVA - just one payment for both of you.
No, it is not recommended that you bank with your creditors - change if you can. The Co-op come highly recommended by posters on here.
Your car should be ok but you may be expected to sell the caravan.
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Great advice from Jan. I have a co-op account set up for the IVA process. It is a cashminder account with no credit facility. I do my banking on-line and you get a visa debt card so just like any other account aoart from the massive overdraft!!
Good luck!
Lloyds TSB also provide accounts for those with a less than perfect credit rating.We have an interlocking IVA and it wasn't too complicated to put together
Hi Paul.23 - there are a number of basic bank accounts you can choose from dependong in who your current creditors are. Whoever you seek advice from will go over these with you.
Depending on the value of the caravan and your circumstances the caravan may have to go - trasnferring the asset to another person is not a good idea as this will get looked at, its best to keep everything as it is and be honest about the situation.
If the caravan is valuable, like plasticdaft says it should be sold for the creditors - then you would have decision to make about your priorites - sorting the debts out or keeping the caravan.
More will become clear once you have spoken to some experts and they know more about the bigger picture.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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Interlocking - or commonly referred to as "joint" - IVAs are more common than husband and wife doing separate ones, so no problems there.
The caravan may be difficult if it has some value, but you may be able to negotiate retaining it for some additional monthly contributions. Anything is possible in the world of IVAs so long as things are properly disclosed to creditors.
