Hi, i have been coming on this site for some time but have just built up the courage to post. I feel like im in a situation that has no way out. My husband and i have seperate debts - mine total about £25k. I dont work and obviously cannot meet my required monthly payments. We have been told a jooint iva is best, however my husband is self employed and is not happy about doing it....what are your opinions on me to file for bankrupcy on my own. By the way the mortgage etc are in my husbands name....please help, any advice is better than me going crazy and thinking the worst.
Hey moneyworries, welcome to the forum. As the debts are only in your name, the house is in your husbands and you have no income then bankruptcy may be an option, is your husband struggling with his debts? I think that you should apeak to an insolvency practitioner to go over all your options, but if you can post a few more details then the technical experts can help. X
Thanks for quick reply Viki.w....What kind of details would i need to give ? sorry im just so messed up at the minute im meeting myself coming backwards!! Hubby is meeting his payments with no problems - i had no problems paying all creditors before i had to give up work to look after the kids 2 years ago, and thats where it went out of control - im just soooo embarassed....doesnt your name go public?
Hi Moneyworries... Glad to see you have found the courage to post. A joint IVA may be possible but with your husband being self employed he will need to provide self assessment tax returns. Are they uptodate? Is their any equity in the property? Don't go crazy and don't think the worst, their is plenty of people in your situation and worse. There is always a way to solve your debt worries even if bankruptcy is the answer it should be looked at positively.
If you run through an assessment with an advisor they will only ask you financial questions such as your household income and expenditure and if you have any vehicles on finance or hp agreements. They will also ascertain who your creditors are and whether or not they are likely to accept and if so what will be required for them to accept. They are there to help you so as I say don't panic and take each step at a time.
Good luck.
PS. An IVA is not declared publicly.
Hey moneyworries, sounds like you're going through a terrible time. I really think you should seek advice now from an IP, I can recommend Melanie Giles who posts on here. You need to have ALL your options explained.
Do you think that you will be back to work soon?
We're all here for you, if you want to post details about your level of debt, creditors and what your situation is then it'll help. X
An IVA is going to be difficult for you to propose if you have no income, and your husband's creditors would not be happy with a joint application if his income were to be effectively used to pay towards your creditors. Is there any reason why you do not work, and would a job assist your situation by bringing additional income into the household?
Thanks for your advice 123debtsolutions....hubbys tax returns are all up to date. Our only problem is he really does not want to enter into an iva, hes happy for me to go ahead with something and is there to support me. And obviously because im not working i cant do ann iva because there is not enough spare money left each month.
Hey viki.w.....Im really scared to speak to someone, however i know that i need to. I have missed about 3 months payments and am terrified everytime the phone rings or the postman comes!! funnily enough the lowest debt if to first direct of about 240 are giving me alot of hassle and are not happy with the £5 token payment each month, they want a minimm of £10 or they will put a demand for full amount on the account!!
Im currently on a classroom assistant course, cos i need something to fit in with the children, but even when im qualified cant see me having alot spare each month - its really hard, but knowing i can come here and talk does help me a little. X
Is your husband insolvent - ie is he struggling to pay his ongoing contractual payments to creditors? If not, he is not insolvent and an IVA is not relevant in any case for him. If he is, he must think about what he is going to do in the future, as his finances are only likely to get worse.
Hi Melanie...well i had to give up work 2 years ago because i dont have anyone to help me with childcare and when they were in nursery it cost more than i was earning sometimes. I am currently on a training course to become a classroom assistant and this will also help with the financial side of things - heres hoping. My husband is a plumber, which of course is not good at the minute as not alot of people are getting work done.
Hey moneyworries, don't worry, there will be a solution for you. My sis-in-law was a classroon assistant and she earned quite good money and most importantly she found it extremely rewarding and it fitted in with bringing my nephews up. We're all here for you, keep posting. X
Melanie.....All my husbands creditors are paid in full each month and are completely up to date - it is just my debts, he has been paying everything up to now, however 3 months ago he had to pay all necessary people first
Yes, husband has budgeted for his own debts with his finances, unfortunately its just mine....i hate being in this position and have always been able to pay my way, now im struggling with everything and its difficult.
