i have recently lost my job & have debts for over £ 17,000. i am getting married in match & if i take out an IVA will this affect my husband in any way?
If you have recently lost your job, have you any form of income at all now? If not, then an IVA is unlikely to be a solution for you perhaps until you return to work, at which time you may be able to service your debts again.
If you were to take out an IVA, either by introducing third party funds as a lump sum in full and final settlement, or by making ongoing contributions from your disposable income, this should not affect your husband unduly, although you will have to demonstrate that you are only paying your fair share of the household bills.
i lost my job in december & yes we live together as a couple already. the income we have is my partners pay and my jobseekers allowance. would i not qualify for an IVA?
Your partners salary is presumably funding the priority bills and the household expenses. If you only have jobseekers allowance, then I don't think that will be enough to fund an IVA.
You could try a debt management plan as a temporary measure until such time as you find fresh employment.
Speak to an IP - either by visiting www.iva.com or clicking on the expert link on the left hand side of the page. All of the professionals come highly recommended and they will advise as to the best way forward for your circumstances.
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
thank you for your reply. i spoke to an IP this morning & we came up with the figure of £ 140 per month to pay the creditors. i've tried informing my creditors that i am out of work now so cant make the full payments & they are calling & calling. it is getting very worrying now.
Your creditors will be hassling you if you are not paying them. You can write to them and tell them that you are trying to sort something out, and as far as phone calls are concerned, you don't have to answer them, or if you do, don't confirm your details when they ask as they can't talk you if you don't.
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
It is a relatively small amount to pay for an IVA, but your debt is also relatively small (I know it isn't to you).
Do you have an assets? If you don't then bankruptcy could be an option and you could wipe the slate clean and start again.
At the end of the day, you have to make the decision which is right for you.
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
Bankruptcy is an option for you, but I am not sure that an IVA is with such low disposable income which is derived from income support and a contribution from your partner.
I would look at a temporary DMP until you manage to find work, but if you have found an IP who is prepared to represent you, and they are not going to charge you anything in advance, then you have nothing to lose either by presenting proposals.
i have a car but it was given to me by a member of my family & would upset him if i lost it this way. other than that i dont really have any other assets.
thank you for your help
There are a number of firms that may be able to offer a low monthly IVA (if that is the appropriate solution) and I suggest you review www.iva.com and seek out those that do. Good luck.
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.
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
