Are we eligable for IVA

[n_d]

Hello Melanie,
My husband has a debt of £42,000-44,000 that he had got before me got married.I am on spouse visa till 28/08/08. if he goes for IVA will it effect my right to stay in the UK and elligibility for the British citizenship?

Will it have any effect on my credit rating?
We are both working full-time and total income is about £2,250 after tax. But our rent is £700 and travel expenses £220, We are considering childcare of £570pm since Steve's mother can't look after our daughter for long hours any more.

Are we eligable for IVA and how much approximately will be our monthly repayments? and last question-when IVA is approved can our monthly repayments increase at any point over the next 5 years?and at what circumstances we'll have to increase monthly repayments?

[MelanieGiles]

Hi nd and welcome to the forum

No - your husband's IVA will not affect your right to stay in the UK and eventually become a British citizen.

It may have an effect on your credit rating, given that you are married and live at the same address, but I guess with debts the size of your husband's that is of little concern at the moment.

From what you say about your income and expenditure, it seems that you will have little disposable income to offer to creditors under IVA proceedings, where the minimum monthly repayment is likely to be in the region of £320. If you are able to post more definitive information about your overall income and ependiture, I can advise further.

Under IVA proceedings, you are subject to ongoing reviews of your income and expenditure - and if the IVA supervisor believes you can afford to pay more, having taken account of all annual increases in expenditure, then he will call for an increase in payments.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk