juggling debts

[tomk]

Hello. I have been struggling with and juggling debts since pre-graduation, and am now 30 years old. My wife left her job 19 months ago with a long-term illness and I am keen not not involve her in my debts. If I apply for an IVA, to what extent would my wife have to be complicit in the process? She is receiving a nominal monthly insurance payment as she has several policies in place, but this is barely enough to cover her share of outgoings. My total unsecured debt exceeds £30k (+ 4 years' worth of student loans, which I started paying back last year).
Many thanks for your help,
Tom

[MelanieGiles]

Hi tomk

The answer to that is not at all, but your IP will need to know what her earnings/benefits are so that he/she can make an appreciation of what her fair share of household and living expenses should be.

You will need to work out your family income and expenditure, ensure that you are paying shares of the joint expenditure based on the same ratio as your incomes, to see what disposable income you as an individual have remaining. Once this is known, then further advice can be given.

Do bear in mind that the student loans will have to continue to be paid, as they are outside insolvency proceedings.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk