My husband was a sole trader until recent due to a client going bankrupt. We have tried to pay our suppliers the monies owed - but have ended up in a lot of debt by using loans and credit cards to pay them. He now has 30k+ debts and no way of paying off the debt. He has now got a full time job and is able to make monthly payments just not to the value our creditors need. Can an IVA help? Can he apply for a IVA on his own - although some of the loans are in joint names? I work for a bank so it would result in the lose of my job - making the situation worse.
An IVA may work in this situation,but it would be best to talk to an Insolvency practitioner to discuss all your options. Would you defo lose your job as some people in iva's work for banks??
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Hi
You will still be liable for the full payments of any joint debt,however if you can make the payments then you do not have to enter into an IVA
Regards
He can apply for an IVA on his own, but you will remain responsible for the joint debts and those creditors are bound to pressurise you to maintain the contractual payments. If this is not possible, then you need to consider what affect this will have on your finances. I have a number of clients in IVAs who work for banks and they have not lost their jobs, but you would need to check your terms and conditions of employment to be sure of this.
