Involving spouses

[jannette92]

My husband had debts of over £40,000 which he had accumulated from his previous marriage. They are all in his name. I have some debts of my own but managing to pay them and have successfully cleared some of them I reckon another 12 months and mine will be all gone. The question we want to know is if I have to be included in the IVA. For the last 3 years my husband has been juggling the credit cards to just make the minimum payments and we need to find a solution as this is making us totally miserable. Christmas is 2 weeks away and we haven't bought a present yet as we struggled this months to make double payments as we couldn't meet them all last month. With 2 children this is not a position we wish to be in at this time of the year. Another 12 days until pay day and not much to eat in the house and no money left we need a solution quick

[illihor]

I don't think so. If the debt's are purely your husbands and not joint then you will not be liable for them and will not have to enter into an IVA.

The IVA will be based solely on your husbands income. An IVA is not a quick solution and not to be undertaken without a great deal of thought and information gathering. This forum is a very good place to start as there is a wealth of information. Read previous posts and topics as these can help you make more informed decisions.

Admitting there is a problem is a huge step to take and is not easy. Well done. Please post if you have any more questions.

On the way to a brighter future....

[jannette92]

Thankyou, we have contacted a few companies but then get cold feet once we have to fill in all the paper work I suppose its not knowing who to trust. Problems have been that all these comapnies say they can help you and then when it comes to the crunch they say you won't qualify for an IVA. I don't understand my husbands debts are £43,000 to 9 creditors. Total minimum monthly payments of £1348 and total income of £1713 if he pays half of the bills that is £806 so in my reckoning he can't afford to carry on why can no-one help us.

[freelili]

Hi Janette

You have to be insolvent. Income / expenditure = Minus

Your proposed IVA would return more to your creditors than if they petitioned for bankruptcy. (IP and company take their share)

You must have enough disposable income to meet the IVA. (creditors will reject if you cannot return at least 25p in the pound.

Have you tried companies on this website?

Good Luck

Hope this helps

LILY