If entering into an IVA where the debts that have been generated are solely mine, is the restrictions aqnd calculations based upon my earnings or that of the married couple, my wife has not caused thaes debts so why should she be penalised or would we litterally have to be separated fopr that to be the case
The IVA would be solely in your name. Your wifes income would be taken into account to make sure that she is contributing to the household finances, but she wouldn't have to make any contributions to the IVA.
In the 4th year, you may find that you have to release equity in your house (if you own your house), but I believe that would only be on your half of the equity.
One of the professional experts will be along with further advice shortly.
I recommend that you take professional advice by visiting either www.iva.com for a list of IP's you could phone, or click on the experts link on the left hand side of the page. The professionals who post on here come highly recommended.
They will advise you as to all the options open to 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
Has your wife benefitted at all from your debts - for instance have you borrowed money for the household finances or to buy things jointly - or have you spent all of the money you have borrowed on yourself?
Hi jan & Melanie
I would say most of the debt came from me setting up as a sole trader purchasing what turned out to be a less than successful franchise operation, year one lost about 12K, year 2 about 8k.
Reason for purchgasing was I was under threat of redundancy and looking for another option, set up the business but ended up getting another full time job with the original company though on approx 10k less as staff member with no overtime, kept ploughing away at the other business like a muppet and digging myself deeper etc, no profits, no time, no sense....
My wife has always contributed her share to the house nad family and feel very guilty that she or they should be penalised.
Feel extremely stupid for getting into this situation and dont want to sound a whinge but it is my fault, not hers.
If you have decided to take advice from an insolvency practitioner about your debts, then do make sure that you highlight these issues to him/her. It maybe possible to leave your wife's disposable income out of the equation, but she will have to pay her fair share towards household expenditure - as you say she is already doing in any case.
