I have recently been made redundant and have no way to afford the debts I'm in. My wife of 3 months is the owner of our house and her name is on the title to the house having owned it for 5 years before we met. Will me applying for a IVA affect her in any way? My debts are mostly from my previous marriage.
Yes Melanie is right - what do you owe? To how many creditors? What are your assets? What other income source do you have?
Last edited by David Mond on Sat Dec 27, 2008 2:59 pm, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
An IP will be nervous to recommend an IVA to you, if your income is derived from temporary short-term contracts. In these circumstances a DMP is probably a better option, until you get something more permanent.
A DMP is a Debt Management Programme. You enter into an informal agreement with your creditors but you may not get them to freeze interest or charges. It can also take longer to pay off.
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
How does one go about sorting something like that? What are the effects of a DMP or an IVA?
In response to David, I've a loan for 25,000 brought from my last marriage, credit cards of 11,000 or slightly more and a loan on a car for 8,000 to approx 4 creditors in total
You need to contact an insolvency practitioner who can give you advice about all debt solutions which are available to you, and can explain the advantages, disadvantages and implications of each one.
Are you struggling to meet your contractual repayments at present?
You need to visit www.iva.com and speak to 2 or 3 professionals. They will be happy to give you all initial advice free and if they are not in a position to help you directly then I am sure you will be placed in safe hands.
The immediate issues, such as is the car on hp or a loan, and whether you have secured any work at all, albeit agency/temporary as it may be, can be addressed directly with you.
Good luck and let us know how you go on.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
I'm not as yet as I've a months pay still in the bank, but shortly I will. My wife can assist slightly but she has the bills for the house of her own to pay too.
I would still urge to speak to someone as soon as you can, if you cannot secure any employment in the coming weeks the money you do still have would be to my mind better served being used for living expenses rather than being used to fund unaffordable debt repayments.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
I totally agree with Size5 and Melanie. You do need to take professional advice.
Give either one of them a ring, they are recommended and will explain all the options open to you and advise as to the best way forward.
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
