I'm in the process of applying for an IVA. All the debts are in my sole name (£28,000). I have two problems - Firstly my wife earns a small income from mobile hair dressing (less than £4000 per year). This is all paid in cash and is basically used to cover our day to day living costs. Obviously I have no documentation to prove her earnings. Will this be a problem?
Secondly, I'm hoping to resolve our financial problems through an IVA without my wife knowing due to the fact that if she realised the difficulties we were in it would cause her undue stress and worry as she's currently 3 months pregnant. My question is would her bank statements be required for the initial assessment as this could prove difficult as she banks online and receives no paper statements.
I'd be grateful for any advice.
You don't have to tell your wife if you don't want to, and they would not need bank statements from her.
I'm not sure what would happen about your wifes earnings - that is something best discussed with an IP.
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
Mehoppy1970 ask yourself one question. How would your wife react to discovering the debt problems during the iva? It can be a stressful time and whilst I wouldnt dream of telling someone how to run their life,please think long and hard about trying to go through this on your own(not really on your own coz we are a great big virtual family). You may get calls at home from creditors etc until your IVA is set up,and imagine how your wife would feel hearing from a third party that you are in an IVA.
Good luck in whatever you do.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Your wife's income will need to be taken into account, as will her contribution to the household expenditure - so it could be tricky to do this without her knowledge, and I am sure that she will see this as a joint problem rather than yours alone.
