I have done some extensive research on this subject as I believe that an IVA could be right for me. However, so far I am struggling to find an advisor to answer general questions, such as:
1. One of my unsecured debts (credit card) is with the same bank as my mortgage. As I don't want to lost my house through this process, should I move this debt to another credit card BEFORE the IVA, so that my mortgage lender is not an affected creditor?
2. Why does everyone want my wife's financial information? Doesn't the 'I' in IVA stand for individual? All assets and debts are in my name, so how is this relevant?
3. Should I open a new bank account before an IVA, transfer DD's etc before my current bank is included in the IVA?
I think that is it! I have completed a SOA on this sit but can't see whether it is visable for advice?
I was in the same position mine is in my name only
This is the way it pans
They will demand all details of your wifes income as they will say that she has benefitted from your income.
If you pay the mortgage they will bring that into play
Your I and E will have to have her income in.
I tried to fight it but no chance.
With regard to Mortgage and Credit Card experts will confirm they are too different companies as long as mortgage is paid you should be okay.
Data protection comes into play.
However you will have to get your wife to agree to sign the equity release on your part only.
Bummer I know I tried to fight but no chance
Hope you are not with Northern Rock
Good luck anyway
If you are struggling, do not even consider taking out another credit card. This will not sit well with the creditors. Your mortgage is seperate to any other borrowings and will be fine.
You do need to open a new bank account with a non creditor. Co-op and Yorkshire Banks come highly recommended on here.
They will want details of your wife's income as it will be deemed that she benefited from the loans etc. They will also want to make sure that she is contributing her share to the expenses. That way they can determine how much disposable income you have.
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
The unsecured debt with your mortgage company will not affect your IVA application, so I would not worry too much about that.
With regard to your wife's income - have your debts all been incurred and spent on yourself, or has the money come into the houseshold generally? If the latter reprsents your actual circumstances, and your wife has therefore benefitted from your borrowings, then this is why creditors will expect her to contribute. Difficult to argue the fairness of that one I am afraid.
Opening a new bank account is always a good idea, and should definately be done before the IVA is accepted if you bank with the same company as you have debts with.
We have only been married for a year and did not live together before that, so it is very easy for me to demonstrate that she has demonstrated from the majority of the debt.
Also, her income will halve in 6 months when she begins maternity leave - would this be accounted for from the outset of the IVA as we know that it will be happening?
We have only been married for a year and did not live together before that, so it is very easy for me to demonstrate that she has demonstrated from the majority of the debt.
Also, her income will halve in 6 months when she begins maternity leave - would this be accounted for from the outset of the IVA as we know that it will be happening?
Sorry - meant to say, she has not benefited from the majority of the debt!!
Ben.kk - if you have not instructed an IP have a look at www.iva.com where you will find reviews. I can strongly recommend (from personal experience) Melanie Giles - you would be well advised to select her as one to approach along with any others. Melanie achieves excellent results
Hi Ben welcome to the forum and a very informative site, I too second what Max has said, from what i have observed from being a member on here for a while now is that Melanie is not only a very professional lady and knows her profession inside and out but is also very human too. I am with a very large company and certainly don't get the service that Melanie obviously provides to her clients. (sorry Declan i know you will probably read this, it is good that you are now on board though i have to say). Good luck Ben i hope that you sort things out and that soon you will be on the road to being debt free. Take care and be safe.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
