My husband is looking into going on an iva plan. I'm not but wanted to know if I would have to declare my money? I know I have to with my salary v bills etc but would like to know if my assets are taken into account like savings?
Hi Jill, they shouldn't be - that said some firms do try to roll all household income and assets into the debtors payments. Your savings, however, must be in an account solely in your name.
Has your husband decided which firm to use yet ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Many thanks for your reply. We've spoke to quite a few this last few days and were going to try dmp 1st as it's less imposing probably with Vincent bond. Still many questions keep popping up but just think he needs to be on something to take off the pressure. Who knows if it right, wrong but it's a start- I think?[:D]
A DMP is a good way to keep the wolves from the door while you consider things more fully and, for smaller debts, they do work in many cases.
If the creditors agree to stop interest and the time scale is reasonable it could be the way to go for the duration, but, in the meantime it could get you some breathing space.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The problem is were both really worried. Both dmp and iva have good and bad points and were so confused that were not really sure which way to go. But being on something is better than not. Debts are not small either which is a worry! His money fluctuates too which is compounding the problem. We have researched as much as possible and now awash with it all and having plenty of sleepless nights!
If you are going the DMP route, then consider doing so via Stepchange. That way all your repayment goes towards repaying your debt, you will pay no fees, and this way, the plan should be that much shorter.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
I echo Foggy's recombination when you're ready to progress with the IVA.
Sounds like you're doing your homework first which is excellent and I hope your husband's journey to debt freedom doesn't impact on you financially, a good IP will be able to reassure you of this.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Many thanks to your replies they are very helpful and supportive. Yes I have crammed quite a lot of research into this but at the end of the day something has to be done hopefully were in the right direction and can start to live again!
