IVA and a seperated partner

[subby]

I'm currently separated form my ex and just about to start a divorce. I'm also considering an IVA on £15k of debt. If I get an IVA does my other half need to find out about it?

I pay her money each month towards our daughter's upkeep, even though I get her twice a week at my home.

Does IVA mean there are any repercussions for my ex wife? will she be liable for any of the debts I have, all debt is in my name and nothing in hers????

[Lisa2009]

I believe debts have to be over 15k before you can enter into an IVA.
If all the debts are in your name there should be no reson why creditors would aproach your wife.
Im sure someone will be along shortly to offer some more advice

[carlmcmullen]

She will not be liable for any of the debts if non are in her name or joint.

Why do you feel an IVA is right for you - have you taken professional advice as with £12k debt it may be an IVA is not suitable as some creditors will reject if debts are less than £15k - who are your creditors have you tried any alternative solutions first.

Is there any property involved in the divorce ?

[subby]

sorry I forgot to add my student loan of 3.5k[:I] so it's about 15.5k intotal

[subby]

no property involved, we couldn't afford it

my earnings are about 1280 take home pay

my outgoings are 1200 a month so I have just over £2 a day to live off

that's why I can't go on like this, I can't afford to do anything with my daughter when she comes to stay

[carlmcmullen]

Does the £1200 outgoings include your creditor payments ?

If you were not paying your creditors how much do you feel you would have left over to live on ?

[subby]

per month payments

Loan welcome finance 220
Daughter upkeep 150 (200)
rent 400
home insurance 10
Credit card 30
loan provident 60
ulster bank repayment 25
A&L repayment 35
Oil 40
electricity 25
food 120
travel ticket 55
clothes/
toiletries/
cleaning stuff 30
-----------------------------
1200

so yes my outgoings are all my creditors

if I paid £200 a month instead of 370 to my creditors I'd have more to live off

[carlmcmullen]

I would say you have a borderline case and it may be that an IVA is not stictly the best option, have you also considered BR or DMP have you contacted an IP yet?


Does your rent include council tax ?

[subby]

thanks for the feedback carl

bankruptcy? bit of a stigma attached to that and I don't know what DMP is???

the rent I pay has all taxes/rates included.

What are my options? Is it worth seeing if I can get my Welcome finance loan amount reduced even though it might take longer and be more expensive to pay off? It's the main threat to my finances, if I hadn't the Welcome loan then I'd be ok.

[carlmcmullen]

DMP... Debt Managment Plan

A DMP would probally take you about 7.5 years minimum assuming creditors freeze interest - and this is a long time !!

I am not dismissing the idea of the an IVA the creditors you have listetd are all best offer creditors, you have listed A&L is this a credit card or loan ?

And like you say BR does have some stigma attahced to it and not to be entered into lightly withough discussing all the facts first of which i am reluctant to give advice on without knowing the full facts of your case.

I would suggest that you contact an IP to discuss your circumstances further.

[subby]

the A&L and Ulster bank amounts are bank charges that racked up and up and up

Also to mention that I live in Northern Ireland so law might be different, if you have any contacts in NI I'd appreciate them, PM or either reply on this thread if it's possible

[carlmcmullen]

Furthermore, you could speak with Welecome to reduce payments, the only problem you have is you would have reduce payments to at leaset £100 to keep within your budget whcih would exetend your loan period (assuming they accept) you will also only continue to make minimum payments to your other creditors, so you need to ask yourself if you can maintain these payments for so long.

[carlmcmullen]

You will be able to find a local IP through www.insolvency.gov.uk or

If you want to contact me through the freephone number on link below tomorrow i am able to put you intouch with an IP i speak with in Northern Ireland who will be happy to help and discuss all the options in full.

[subby]

when I call, just ask for yourself then???

appreciate your help

thanks
[8D]

[carlmcmullen]

Yes, that is fine one of the advisors will put you through, i am happy to help.