Hello,I believe my only option now is an IVA.

[Navydog]

Hello,

I believe my only option now is an IVA. I have spoken to one company who have told me i qualify. I have just come across this site so following your advice i will call a few more companies.
my main question is: I'm currently engaged to be married at present. what will happen to my iva once im married. will the debts pass onto my partner aswell?i.e will she be expected to contribute. She is aware of my situation and agrees that an iva would help but obviously is a little worried that the phrase "whats mine is yours, and yours mine"
Also how would the creditors react to us getting married? The wedding would be a small one funded by family, but would this turn creditors against us?

[liberta]

Hi and welcome to the forum.

First of all congratulations on your forthcoming wedding.

An IVA will not affect your new wife. What is hers will stay hers. Your debts will stay your own - probably the only thing your new wife will not want to take ownership of

Your creditors will however want to be satisfied that she is paying a fair share of the household expenses from her income. For example if you earn twice as much as she does then it would be fair to say that you should pay two thirds of the bills while she pays one third. The same would be true if your earnings were the other way round. Another way of doing it would be to split the bills equally 50/50. I am presuming that you are not currently living together.

I do not see how your creditors could object to you getting married, especially if as you say you are only having a small wedding funded by your family. They may however think a bit differently if you were planning a really big wedding and wanted to pay for it by taking on more credit or by not making any payment at all to them.

[size5]

Congratulations first of all on your upcoming wedding. Creditors will have no real opinion either way on your marital status so an IVA shouldn't stop you doing that.

As for your other question, your debts will not pass on to your partner/new wife at all. If we assume that you don't currently live together then when the time comes that you do it is only fair to assume that your wife will contribute towards the running of the property. If that frees up more disposable income for you then, again, it is only fair that you contribute more towards the repayment of the debts.

Hope this helps, and certainly taking more than one opinion is something that you should be doing before you go any further.

Regards.

[size5]

Whoops!!

Elizabeth seems to type 11 seconds faster than I do, but at least we seem to agree on everything.

Regards.

[bryn]

Hi Navy Dog

I'm in an IVA now for 6 months and in leap year this year my girlfriend proposed . It was around March when everything went rather pear shaped and I had to face up to my debts and also telling my new fiance I was not as well off as she thought , which was interesting ! , and told her life would be a real struggle for the years leading up to our wedding in 2010 , and beyond .

So the holidays have stopped , the five star weekends have stopped , the convertible 3 series has gone , and I gave her the option of pulling out , but she said she loves me ..aargh !

She has no debts and she pays the food and bits and pieces etc , i pay the bills as per IVA budget . Things can get tight and sometimes she gets annoyed but I say she never complained on holiday or posing around in the car ..lol

Things in an IVA with one partner not involved can be fine . In fact can work better as both know each others situation and no longer do I have to lead this false lifestyle I could not afford but my ego said i could! Things will be fine , and I'm sure you will both be very happy and in a better poition in years to come once your debts sorted of course ...

[Navydog]

Hello everyone[:D]

Didnt realise my question would be put up in the forum so please excuse me not saying hello straight away.

Little bit about myself.

basically ive been living in denial for 8 months with my head in sand. I got to the stage were i was taking money from one card and paying another. ive just missed a few payments on some cards and the letters have started coming which is horrible as i dont have money to pay them. a situation ive never encountered.
The letters have basically given me a kick up the arse to try and sort myself out.
The thing that has killed me is the interest on cash withdrawls, on some cards im actually not paying anything off the bill its just interest(£200 payment)
so ive managed to accumulate £42k in credit cards and loans. wasnt till i sat down and worked out what i owe that i worked out what an idiot ive been...

I have my own property and live with my fiance. we earn the same money and share bills down the middle

I have recently remorgaged and with the money ive paid off my partners debts, hoping that giving her all the money wont effect my application

Thanks for the kind words about us getting married. something ive wanted to do for awhile now and i was pretty upset to think that it maybe another 5 years before it happens
so my iva is mine and has nothing to do with her after married?

Can you give me any tips please?

im going to open a new account asap as my debt is part of my current account

anything else?

Thanks for the welcome and stand by for more questions[;)]

[kallis3]

Welcome and congrats from me too.

You've taken that all important step of admitting you have a problem.

What you need to do now is find yourself a company. Visit www.iva.com there are reviews of companies on there. Ring 2 or 3 and they will explain all the options open to you and discuss the best way forward.

I'm not sure whether or not the remortgage will affect anything, one of the technical experts will be able to answer that.

Ask as many questions as you like, we're here for support and advice.

[bryn]

Hi , you sound similar to myself ...robbing one card to pay another , racking up the cash interest , then basically your limits approach , you have no access to anymore loans , and then the credit cards start to reduce your limits which cut things off completely . I had massive debts and the IVA is a better way to go when you staring down the barrel , just wish I had done it years ago ...but is hard admitting .

I have a Natwest step account for my IVA which works well , though lost count of the times they asked me to upgrade with a big overdraft !

Things will settle down as your budget will be a lot clearer , the post and letters stop too , hardly get any post now! Put all your bills on D/D so you know whats coming out and work hard . Admitting things is the hard part , now you have made the leap it can only get better!

Any questions feel free to ask I know I had loads and did not even have this forum ..

[kallis3]

Just one thing about the bank account. Make sure that if they offer you an overdraft facility that you refuse it.

If your credit rating is ok, then you may get offered one.

[Navydog]

Sounds bad but its nice to speak to people who have done what i have.
Flashy car, spending silly money on nights out etc.

very easy to spend on a peice of plastic.

went to a petrol station the other day and stopped at £50 as i knew i had to pay with real money, i would of topped up if using a credit card.

Is there any reasons why my creditors will reject my iva claim?

my only other option is Br but i dont want to lose my home as its not my partners fault.

[Navydog]

If your credit rating is ok, then you may get offered one.

No chance at present [xx(]

[liberta]

Hi

Is the property in your sole name or is it jointly owned with your fiance? From your wording I am taking it that the property is in your sole name. Also how long have you been living with her?

Your creditors may take the view that your partner has benefited from your debts and should take some responsibilty for them. However the fact that you split the bills down the middle seems fair enough to me and I do not see why they would have a problem with that.

The fact that you have re-mortgaged your property and gave some of the money to your fiance to pay off her debts would have to be declared in your proposals to your creditors. Technically this was a gift and if you were made bankrupt your trustee in bankruptcy would try and claim it back from your fiance. However if the money has been spent (which it obviously has) then there would be little hope of him getting any of the money.

However I do not think that it will affect your application for an IVA at all. Just give all the details to the IP you chose to act for you and he or she will be able to advise you properly.

[Navydog]

Thanks for reply, morgage is in both our names

[Viki.W]

Hey Navydog, just wanted to welcome you to the forum and say hi.[:)] Good luck in sorting this out, you've taken the hardest step and I really hope you keep posting. I was in a similar situation so totally know where you're coming from!

[liberta]

That should be fine then - as I said just let the IP you chose to act for you know all the details.