some guidance needed

[rickyg33]

I have racked up a large amount of debt on credit cards - about £70,000 between 7 cards - and the mounting balances mean I'm struggling. I'm going to have to consider something like an IVA to sort this mess out, but I'm so sick of worrying where the next monthly payment is going to come from that I need to get started soon.

I live with my wife and son and we have a joint mortgage, though the credit card debts are in my name. There's also the Child Support Agency chasing me for some £500 of arrears against a now finished order.

There's a few questions that I'd like to get straight before going into this further with an IP.

(1) how does it work with debts against my name, but a joint mortgage - and how does the 'remortgage' requirement at the end of year 4 of an IVA work

(2) if my wife starts doing some work, and receives some income, will that mean a readjustment for the IVA

(3) am I allowed to include CSA arrears in the IVA? The CSA are notorious for applying Detachment of Earnings orders on wages and they are not playing ball in helping me to pay less because of credit card debts

Thanks for any help.

Rickyg

[Adam Davies]

Hi
1]The remortgage in the final year will be for your share only[85%ltv mortgage less outstanding mortgage divided by two]
2]Yes,your disposible income will include any future earnings from your wife less any extra expenditure.
3]I am sure that CSA arrears can't be included in an IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp