I have been paying my own IVA for just over a year. Its a 7 year term !, I have been considering my wife's personal debt and what to do with it now she is unlikely to be able to go back to work due to ill health. Although her debt is only about 9k (I say only as its a lot less than mine) we really are struggling with the payments and I'm not sure if we could add her debt to my IVA and increase the payment slightly so creating a joint or interlocking IVA ? or can she just have her own separate one as its only 9k ?
Whats people thoughts ? any help or advice appreciated
You can't add her debt to yours and I believe, although I could be wrong, if you wanted to do an interlocking one, you might have to start yours again. Hopefully on of our resident experts will know.
Alternatively she could think about doing a DMP.
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
The best solution depends upon much more than just debt level and I would suggest a chat with an IP ( yours if you are happy with their service) to discuss all circumstances and options. As Kallis says, you can't "lump" her debts into yours ... and a DMP might be more beneficial anyway.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
