I am currently unemployed and I will be starting a full time course in September to better my financial situation. The course is for 10 months. My partner is working full time and he is the person that pays off my debt also on top of his own debt alongside rent etc. He is earning £16,000 per annum and is struggling to meet everything. We have applied for help through a credit union but they state our monthly income is not enough to cover the repayments. No one will help us or we are offered silly interest rates which would put us in a worse situation than we are at present. In total my own debt equates to £7500 owing to three creditors (Two credit cards and a separate creditor). The overall debt for me and my partner is £10,000. My partner is struggling to pay my creditors and his on top. Can I apply for an IVA under my name whilst I am unemployed and can my partner cover the monthly repayments? Do you think I would be better taking another route?
I agree that a DRO may be appropriate but if you fear the long term consequences and have the ability to earn well after the course debt management based on token payments may also be an option.
