can i ask for some advice please

[debe]

can i ask for some advice please.... up till 6 months ago our debt wasnt an issue, bith had good jobs, then BANG an incurable kidney disease gets my husband, just as he is fit and well enough to return to work (off sick for 6 months) he receives a letter telling him that due to the restructure he is being made redundant. I presume we are in the same situation as a lot of people, and have unsecured debt of around 28K between the pair of us. On my salary alone we can pay the mortgage and secured debt but I cant see any way out with regard to credit cards etc.
I have approx 18K and hubby 15K against us, the secured debt is in joint name. Does an IVA apply to one person or can a joint IVA be dealt with?
I would really like to hear from anyone who can help with some advice or has been through one.

[iva_squirrel]

Good evening Debe,

Welcome to the forum.

I am so sorry to hear about your husbands health problems and wish him a speedy recovery.


Indeed many couples seek the relief that can be realised by undertaking a joint IVA proposal to deal with their combined debt issues.

The IVA process is not different than that involved in undertaking a single IVA proposal other than all of the couples debts are brought into the equation. The income and expenditure assessment would also take into consideration the earnings of the couple together and this would form the basis of the IVA proposal to their creditors


I understand you are a home owner. Could you please tell me how much equity there is on the property?


Kind regards,


Julia

For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[123debtsolutions]

A joint arrangement can be arranged however they are likely to be proposed seperately and therefore both you and your husband will be required to provide full financial details of all unsecured and secured debts, income & expenditure.

As long as the equity in your home is less than the unsecured level of debt then an IVA "could" be suitable. Please ensure you get professional financial advice before proceeding.

Good Luck

Lee
www.123debtsolutions.co.uk - 08000 114 123

[MelanieGiles]

There is no such thing as a "joint arrangment" merely mutual and interlocking individual voluntary arrangements,which can relate to you and your husband.

You do need to consult with an insolvency practitoner who will be able to advise you about all of the options which are currently available to you.

How long do you anticipate that your husband will be off work for? If he is going to be able to return to work at some stage in the future, then maybe you just have a temporary problem which could be resolved in time with a little more leeway from your creditors.

If your husband will be unable to return to work, firstly ensure that you are receiving all benefits you are entitled to, and secondly I would seek advice from an insolvency practitoner as to all of the options which are available to you.

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