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I have been in a DMP for 4 years and i will not finish paying for another 20 years!! I am married with 1 child, my husband is the sole owner of the home - he works full-time and i work part-time. my debt is about 40K at the moment. Can i enter into an IVA by myself?

Of course - and how silly being in a DMP for 20 years! Who on earth recommened this solution to you? You will, however, need to be able to afford payments into an IVA, so how much are you currently paying into the DMP? I suspect that your payments are quite low, given the length of time that your DMP is due to run over. An IVA will need payments of at least £250 to be sensible.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

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http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

well my payments are £100 a month at the moment but i could pay more - will my husband have to be involved at all?

Hi
Yes your husband would hve to be involved as your IVA contribution would take into account your total household income and expenditure and would be based on your leftover disposable income. That would be offered to the creditors.

If you could pay more, perhaps with the assistance of your husband, wouldn't an IVA be a better solution. And have you also asked your husband if he would be prepared to release equity in the property for you to be able to offer a full and final settlement to creditors. You could cover the additional payments from your disposable income.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp