Do we need a DMP as well as a IVA

[Stoney Broke]

i am due to have my creditors meeting next week for my IVA
most of mine and my husbands debts were in my name so he has excaped a IVA, however we do have one joint debt which is our bank overdraft what happens to his share of this if my IVA is accepted ? as the whole debt has been listed on my proposals, does this mean he has to enter into a DMP or could we come to some arrangement with the creditor ?
could anyone help me here?

[MelanieGiles]

Your husband is jointly and severally liable for that debt, so if your IVA is accepted the bank will probably pursue your husband for the balance. He will then need to make his own arrangements for settlement or ongoing payments with them directly.

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

[Stoney Broke]

Thanks melanie,
so would it be reasonable to come to some arramgement with the bank to pay a set amount each month or would they want a lump sum straight away which obviously we dont have.

Within my proposals there has been a set amount of money aside for his debts so we could pay a agreed sum each month would they consider this?

[Adam Davies]

Hi
I think that your bank will be happy to come to an arrangement with your husband to repay the O/D on a monthly basis.
Regards

Andy Davie
IVA.co.uk Spokesperson

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

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

[MelanieGiles]

Yes, I have seen this happen many times quite successfully, but the bank will probably want to see evidence of your husband's ability to pay.

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

[hallway]

My husband and i had joint overdraft and iva was in my name only my iva company put £50 a month down on my husbands debt repayment in income and expenditure and when overdraft has been payed off that £50 will go into my iva and that was accepted.