IVA

[Honey]

Hi there
I have been on a DMP with the CCCS for the last 2 years but have now decided to investigate if a IVA would be better suited (I owe £80,000 on cards and loans). I currently live with my partner, the house was purchased by him prior to meeting me and me moving in and is only in his name - would he be expected to remortgage to pay off some of my debt. I would like to point out that I do not contribute to anything in the house as I cannot afford to.

I would appreciate your comments

[cr15py]

Hi honey, welcome to the forums.

One of the experts will be able to give you a better idea, but as far as I understand it, your debts are your debts, and your partner wouldn't be expected to pay those off. Obviously, if the house was in joint names, your share of the equity would probably have to be released.

What is your disposable income after deducting your expenses (not including loan and credit card repayments)?

[Honey]

Hi there

I would say between £450-£500 a month.

Would that be enough to enter into a IVA?

[debbiw]

Hi Honey, welcome to the forum. How long have you lived in the property, as I think you have to prove that you have no interest in it.

[Honey]

Its been almost 3 years.........

Appreciate your comments

[MelanieGiles]

You would clearly be better off in an VA, as there would be a finite end point to it, whereas a DMP could run for much longer without the certainty of interest being stopped.

As a matter of interest, what options did CCCS give you at the time that you entered into the DMP and why did you choose that route?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Honey]

Thank you for the response - at the time the CCCS gave me the option of a DMP or to go bankrupt which to be honest was not an option. If I was to take the route of an IVA would I be able to include a debt which has already been passed to a third party?

[MelanieGiles]

Why did they not discuss the possibility of an IVA with you I wonder? Were your circumstnaces different in those days.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp