husbands salary when applying for an iva

[jane_b]

Does my husbands salary have to be taken into account when applying for an iva? It is my debt and I should be the one to sort it out. Property I live in is in my husbands name (he bought before we met) can they insist this is used?

[MelanieGiles]

Hi jane b and welcome to the forum

Only in so far as your IP will need to calculate your individual contribution to the overall household budget. For instance if you earn £1,000 per month and your husband earns £2,000, then you are deemed to contribute 33% to the overall household and should therefore pay 33% of all shared household bills such as rent/mortgage, council tax, heat and light etc. These figures will be used by your IP to calculate your own individual surplus income, and tehrefore your husband should not be affected.

Your husband's property will generally be safe, unless you have been married for a long time which I suspect you have not, or have made any significant financial contribution to the property from your own money - such as paying for an extension or attic conversion. This is probably unlikely given your debt situation.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jane_b]

Thanks for your speedy reply Melanie. We have been married for 9 years and I have not paid for any major alterations on the house. We have always managed our finances seperately (obviously, I have not managed them well, hence the mess I am in) I want to undertake the iva totally independently and do not want my husband involved. I have been given conflicting advice by 2 different companies. Debt Specialists Ltd say that my debts are my own and nothing to do with my husband and another said I cannot proceed without his knowledge. I am totally confused. Felt comfortable with Debt Specialists Ltd, but they want 1st payment up front. Has anyone had any dealings with this company, don't want to end up in even more of a mess.

[MelanieGiles]

You can proceed without your husband's knowledge, but I would not advise this. During the 5 years of an IVA you will need his emotional support at least, and I am sure that he would want to know that you were struggling. As I have said earlier, in any case you will need to provide prof of his income by way of pay-slips.

I have never heard of Debt Specialists Limited. Who recommended them to you?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jane_b]

Debt Specialists Ltd rang me when I filled in a form on the internet regarding worry about debt. They told me I would not need to provide any proof of his income, am beginning to think that maybe they might not be a very reputable company.
I appreciate that you would not advise taking on an iva without my husbands knowledge, but I feel it would be 'the straw that broke the camels back', we have had a lot of emotional trauma over the last few years.

[Storm]

Company looks like it started trading in December 2006. (Registered 05/06 name change 12/06)

DEBT SPECIALISTS LIMITED
Registered office
19 ST GEORGES ROAD, CHURCH
MEADOW, UNSWORTH
BURY
LANCASHIRE BL9 8JG
Company No. 05809220

Directors -

ALI, MAJID (Date of Birth: 06/01/1979)
GROVER, AJAY (Date of Birth: 31/08/1979)

[iva experts]

Hi Jane_b and welcome to the forum.

I know that you may feel terrified to tell your husband about your debts as you are not sure what his reaction will be.

As Melanie stated I think it would be the best thing to do, as you have been married 9 years your IVA proposal will show a household monthly expenditure and a joint income amount of which you will both have to show proof of.

Also remember that an IVA is for 5 years and is a difficult process to go through on your own.


Hope this information is of use

Regards. IVA Experts

[tracy.h]

Hi jane b i agree that if its possible you should try and talk to your husband,im sure if the shoe was on the other foot he would talk to you and you would support him.
9 years of maarridge is a long time to be with someone,and even if you feel this would put a strain on your relationship imagine how he would feel if he found out once an iva was in place that you never confided in him,i think personaly that would put more pressure on your relationship as trust is the one thing that keeps my relationship strong,obviously im not in your situation and dont know the strengh of your relationship,i just feel keeping all this to yourself will eventually become a problem between you.
I hope you will eventually come to a desition and will recieve support,as emotionaly you will need it,also if you enter an iva and stop paying your creditors how do you deal with phone calls and letters from creditors while the iva is being proposed,how do you explain it to your husband.
Im not trying to scare you im just being realistic,i hope you can sort this out and goodluck in whatever you decide to do

[jane_b]

Many thanks for your replies, I think I know what I've got to do just plucking up the courage to do it. Lots to think about [:(]

[MelanieGiles]

Cook him a slap up meal on Saturday night with a nice bottle of wine! Well that always works in my household!!!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[iva experts]

Whether you take Melanie's approach (which sounds good to me) or not, good luck with telling you husband Jane.

Just remember that you have admitted that you have a debt problem that is the best place to start.

Hope this information is of use

Regards. IVA Experts

[Adam Davies]

Hi Jane b
Speak to another company or two before deciding.
I know hat it,s difficult for you to inform your husband of your debt problems but in reality you will need his full support over the IVA term.Five years is a very,very long time on a strict and inflexible budget and will get you down at times,so you will need him to know and you. I have stated many times before that an IVA will make or break a relationship.
Good luck

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[scaredkez]

jane i have to agree with the others, you will not be able to do this alone, you will need your husbands support throughout the iva and also the lead up to it depending on which way you decide to go, as the others have said how will he feel if you hide this from him, remember marriage is built on trust and you should be able to talk to him,
also, don't go with the first company you come across lots of us made that mistake and lost lots of money in up front fees always be sure what is going to happen with any money you pay up front, contact a few companies on this site, a lot of the posters here use them and will be able to recommend them, they give lots of free impartial advice on the boards.
keep posting and let us know how you get on, good luck.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[freelili]

Hi Jane
I agree with what the others say about confiding in your husband, trust is precious. What concerns me is that you are being asked for a payment but it sounds like youre not even close to a creditors meeting, you havent supplied your income/expenditure either by the sound of it. How then can they ask for a payment, until they know this? Be careful, and talk to another company, or two. I would be very unhappy to pay at this early stage. There are rip off merchants out there and its the last thing you need right now.

Good luck and keep posting

LILY

I asked God for a solution and have to live with his reply.