Could someone please help. We are in the process of looking at an IVA or DMP. Our debts are about £50,000 on credit cards. We have never defaulted on any payments. Can we have the IVA in my name only , even though the credit cards are in joint names, and if so can my husbands payrises and bonuses be kept out of the equation.
It is possible for only one of you to propose an IVA, but with the joint debts the partner remaining outside of insolvency proceedings will face having to meet the ongoing contractual payments directly. If this is affordable for him, then this may be a sensible solution for you on your own - although it does beg the question if your husband can afford the payments why would you want an IVA.
Are you sure that the credit cards are in joint names and this would be highly unusual?
