Hi all, I have realised I am in a pretty bad situation and I am now looking in to IVA's. I have spoken to Baines and Ernst (who wanted upfront fees) and the CCCS. The CCCS have been brilliant and are very understanding so I think I will go with them. I just wanted to clarify something on here we have quite a few creditors which are mostly in my name and my wife has 3 creditors with approx £3400 outstanding. I have been advised that the iva will have to go in my name only and my wife's debt will have to be dealt with by a DMP, Can anybody confirm this?
That is correct. With such a small amount of debt, your wife cannot do any IVA and she should be able to pay off a DMP quite quickly assuming all interest is frozen.
I would ring one or two more firms up as well, just to compare them. Visit www.iva.com for a list of companies and reviews.
Make sure you are happy with the firm you use as five years is a long time to spend with them.
The majority of the firms on there don't charge upfront fees, and their other fees are included in your Iva payments. Just make sure you ask first.
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
hey agreen and welcome.
if your wifes debt is for £3400 then the info is correct as that figure is too low for an iva so a DMP is more suitable.
please post if you need more help
Your wife may not even need a DMP if she can afford the contractual payments to her creditors. There is no such thing as a joint IVA as insolvencies are individual. You are the insolvent party and your wife is not. Sounds like the CCCS are correct in their evaluation and good luck with your proposal.
Hi, I have just had my IVA accepted and have had an allowance of £50 per month alocated for my partners debts as she cannot work due to looking after her sick father.
My partners debts are slightly less than £2k so I wouls look at possibly having this included within your application.
You should definitely double check that proper provision has been made within your proposal for the payments to your wifes debts, as drowning quite rightly says.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
