Hoping to do joint IVA (majority of income is his). Joint debt £140K (Hubby £100k me £40K). Dont want Bankrupcy as hopin to keep house (equity £120K) and I am self emp - dont want to lse business (even though its ealy days and not turning a profit yet). Figs we propose give creditors approx 40% of o/s bals. Do we have a hope of being accepted?
If you personally have equity of £60k and debts of only £40k I think you may struggle to get an IVA accepted, as you are not technically insolvent. Have you actually appointed an IP to act for you yet, and if so what have they said about this matter - I am assuming that the house is in joint names?
Depending upon the spread of your creditors, I feel that you may be asked to consider selling the property, and using the majority of the money to pay creditors at an early stage rather than them wait for a five year repayment - but if you have been advised that this is likely to be acceptable to creditors I wish you every luck in making your offer.
If you haven't already done so, you would be well advised to talk to 3 or 4 providers before you make your next step. Once you know what ALL your options are then you can make your next move. It may be a good idea to visit www.iva.com have a look around, read the reviews etc and then go from there.
Good luck and regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
Property is in husbands sole name.Mthly repayments we can afford only amount to £25k (20% of debt) but relation has promised us £25K lump sum to help out which would be introduced to make total repay upto 40%.
If your partner has equity in his property of £120k and debts of only £100k, he is not insolvent on an asset basis (although he is undoubtedly on a cash basis, and an IVA is unlikely to be an option creditors would support - unless you have any claim to the equity, which you may have if you have lived together for some time and have contributed to the running of then property.
If you have no claim to the equity, then an IVA is still a possibility for you, and you ought to seek professional advice from an IP familiar with dealing with the self-employed.
I recommend that you speak to an expert and get advice.
There are several who post on here who come recommended. Melanie and Size5 are two you could phone.
You'll be given all options open to you and advised as to the way forward appropriate to your circumstances.
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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.
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Best of luck with your chosen options - speak with some IP's who will offer you accurate impartial advice to help you make your choice.
Just make sure whichever route to take, it is affordable to you. We sold our house at the start of our IVA, and also at first we felt ashamed at having to do so, it now has turned into the best thing we could have done - the house in itself was probably one of the main causes of our debts - always wanting the latest this and that - reality hits home when in an IVA and faced with a tight budget to live within - it's not easy but rewarding and at the end of the day 5 years is the same time for HP on a car - not long really !
Good luck
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
