Hi, I am new to this and am getting quite worried about our situation, it would appear that my debts are growing. My question is. Most of the debts arein my name, can an IVA be done in my name only or is it the entire household. Also we own a timeshare that is almost paid for, would they make us sell it to pay money back. Robbie
If the debts are solely in your name you may be able to propose an IVA in your name. However if you live with your partner they may be expected to contribute to your IVA as creditors will assume that they have benefited.
Have a look on www.iva.com where you will be able to read reviews of many IVA companies, and take advice from 2 or 3 IPs.
You may very well be asked to sell the timeshare, that is something you need to discuss with a professional.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Timeshares are generally worth very little, especially as you will not be allowed to continue making maintenance payments towards it as a part of your ongoing expenditure.
