thinking of entering into an IVA if possible

[skint of leek]

thinking of entering into an IVA if possible, debts rising and life just isn''t fun anymore, as I''m new to this whole process (but wish I''d found out about it years ago!) I wondered how it worked - i.e. can the whole thing be done over the phone or via exchange of emails, preferebaly the latter. The reason being is that i don''t want the wife to find out - I feel sooo guilty and I know it would impact on her health, any advice greatly appreciated

[kallis3]

Hi skint, and welcome to the forum.

First of all, is all the debt yours, or are some of the loans joint ones? If so, then your wife will need to be told about the IVA as the creditors would chase her for that loan.

Otherwise, it can all be done over the phone and by letter, unless you are self employed, when you do have to have a face-to-face meeting.

I recommend that you speak to an Insolvency Practictioner as soon as possible. There are several who post on here who come highly recommended and their details can be found under the expert link on the left hand side of the page. Or visit www.iva.com where you can see lists and reviews of companies.

I would recommend that you share this with your wife though. You will probably find that she will be supportive once she knows you are doing something and you won't have to bear the burden all by yourself.

[MelanieGiles]

Hi there and welcome to the forum

So long as you are not self-employed, and IVA can be set up for you over the telephone and by exchange of e-mail, but is it wise in the long run to keep this from your wife?

Are you property owners? And does your wife have an income and debts of her own?

[skint of leek]

Melanie,

for now i'll keep it a secret, she is a worrier and her health may suffer. she does have some minor debts, ntohing along my lines

all my debts are with me

a guy i spoke to on the phone did say that in all possibility my creditors would want my wife to contribute, i don't want her to as its not her fault, she does have an income and we rent our home

[skint of leek]

Melanie

I'll give you a bell next week if possible, think i would rather enter into an IVA than a DMP which has been suggested to me, i want the certainty that they won't change their mind and come and start asking for more money halfway through the DMP, is there a way to get an idea if u think an IVA would be possible - say if i email u all financiaal comings and goings?

thanks

skint

[MelanieGiles]

Anything is possible, and in special circumstances I have proposed and successfully had accepted IVAs where the spouse makes no contribution, although this does need to be carefully considered wen being proposed.

It might be sensible to take a second or third opinion from other firms to see if you get a consistent response. And firstly, your wife's income must be used to deal with her own debts and not yours.

[skint of leek]

melanie,

thanks for the quick response

i don't want the wife to pay for my errors,

i have debts of approx £46K and pay out approx £1300 a month in payments, would love to have an iva of £700-£800, sound ok, i'll ring your office next week if possible

cheers again

[flumpy dog]

s.o.l
all i wanted to say was good luck. the hardest part is accepting the debt problem which you have done. phoning mel will be the best call you make. melanie is a very professional sincere caring person and she will give you good sound advice please let us know how you get on

[MelanieGiles]

If you are able to pay between £700 and £800 to your creditors, and only have debts of £46,000, then an IVA may not be the right solution for you - but we can assess this and provide you advice of the broad range of solutions to suit your circumstances.

[skint of leek]

cheers Melanie, i'll definately give you a bell next week