Confused Please Help

[kev.p]

I have been looking at IVA's for the past week and am getting conflicting advice. My situation is i live with my partner, I owe £22k to 2 creditors and she owes £8k to 6 creditors. One Company (Baines & Ernst) seemed happy to accept us to look at an IVA jointly but Payplan will only look at me for the IVA as partners debts are less than £15k. I am more confused than ever today after speaking to someone else who said that as I only have 2 creditors I won't get an IVA, spoke to Payplan again who said it is still possible!!!! Don't know which way to turn right now can anyone help??
P.S live in mortgaged property with no equity.

[Adam Davies]

Hi
Current protocol states that you need to have 3 or more lines of credit from 2 or more creditors,do you have three or more lines of credit from your two creditors ?
How much disposible income do you have between yoiu after paying your mortgage and essential living costs[not including repayments to your unsecured creditors] ?
Finally has anyone discussed bankruptcy with you ?
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[kev.p]

Cheers for the quick reply
Just 2 lines of credit one loan and 1 credit card, disposable income of approx £220 per month after everything food,bills etc. Bankruptcy has been mentioned briefly but I am obviously concerned about the house even there is no equity i would rather try and stay here

[Adam Davies]

Hi
Then I can't see why Payplan think that you can enter into an IVA ??
If your joint disposible income is £220 then a joint IVA is just about possible,if you only took out an IVA your partner would still have to service their debts and this would not leave you enough to pay into an IVA.
In bankruptcy as you have no equity you would be able to get a third party to buy back your interest in the house for a nominal £1 plus a few hundred pounds in costs and keep it[as long as you kept up with the mortgage]

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[keh]

Hi kev

Me and my partner entered a joint iva where both our debts was counted as one iva.

yours would work out at 30k and 8 creditors which is more than enought to meet the criteria.

hope this helps

Keith

The long and winding road will straighten out eventually....keep the faith

[kev.p]

Is a joint IVA an option even though my partners debt isn't high enough? With the house and bankruptcy is that a definite that i would be able to keep it? When i say there is no equity there could be maybe 2 or 3k at most depending on valuations etc above what i owe but this is made up of the mortgage and a secured loan which are with the same company.

[Adam Davies]

Hi
It will be definate as long as your valuation is realistic.
Yes an IVA is an option if you both have one and they are interlocking and assessed and paid jointly
Speak to another couple of IVA providers and get second and third opinions

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[kev.p]

Cheers Andy
I'll get back on the phone tomorrow, my debts wil be increasing rapidly just with my phone bill (lol).
F.A.O Keh - cheers for the response, who did your IVA if you don't mind me asking?

[MelanieGiles]

Guys

Just to remind you that the rules for two creditors and three lines of credit refer to each case and not overall over both sets of debts. These cases do not meet current IVA criteria I am afraid, but if Payplan are prepared to put one forward for you on a no win-no fee basis, then I suppose you have nothing to lose.

I would be interested to learn the outcome though!

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[kev.p]

Thanks Melanie
Have you any suggestions then on what i could do?

[MelanieGiles]

You could declare yourselves bankrupt, or enter into Debt Management Programmes.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp