Right, for those in the know - I have a shed load of questions - please feel free to help.
1) If debts are in joint names, do both of you have to register in the IVA?
2) Can you keep a present current account if you don't owe any money (overdraft etc).
3) Are you more likely or less likely to be accepted for an IVA having never missed previous credit payments?
4) Can it effect our jobs (police officer/financial advisor).
5) If my house is presently worth roughly the same as we owe, can a provision for some equity still be put in place for year 4?
6) If an IVA is rejected, does it still effect your credit rating?
7) Will I be made to downgrade my car (worth £2.5k and essential to get to work?)
Will my wife be made to downgrade her car (worth £2.5k and essential for work?)
9) What documents do I need to try and get in place/request prior to putting together an IVA proposal?
10) Is your credit rating effected as badly as it would be through bankruptcy?
11) How quickly after the 5 year term can your credit recover?
12) What happens if incomes drop significantly?
13) What happens if incomes increase significantly? (is this simply reviewed annually or monthly - u.e if i get some unexpected over-time or if the wife gets a performance related bonus?)
14) Part of my wife's wages are paid in Asda's vouchers by choice - do they count towards our income?
15) What happens with existing mobile phone contracts - do they get terminated (neither are large amounts - £20 pcm each)
16) What happens in relation to the increase in the cost of living?
17) What happens with HPI credit?
18) What are this week's winning lottery numbers?
