Joint IVA or sole?

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t_bird

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Post by t_bird » Sun Apr 27, 2008 7:33 am
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My husband and I both have considerable debts but apart from the mortagage and joint bank account (purely for household bills) every thing is in our seperate names. Since upping my hours at work last month for the first time I was able to pay everything this month without further borrowing on my cards so i now feel my debt is manageable and can see light at the end of the tunnel.
My question is...can my husband apply for an IVA in just his name?
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Beechy

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Post by Beechy » Sun Apr 27, 2008 7:42 am
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Hi
Yes you husband can apply for an IVA just in his name. There are considerations regarding your personal debt position, for example are you only making min payments on credit card debt, if so be aware that it many take many years to clear them.
What is the level of debt you have individually?
Is there any equity in your home?
You should seek advice as soon as possible as to the best options available.
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Soulgrowth

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Post by Soulgrowth » Sun Apr 27, 2008 8:29 am
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Hi

Just wanted to say welcome to the Forum.

My son-in-law is in an IVA which doesn't include my daughter. But I would say to think carefully, for as Beechy says, you may only just about be managing at this time ... things are going to get worse before they get better out there I think.This might just be an opportunity to have a fresh start for you as a family.

Do post some fuller details of both your debt situations and one of the experts can give you some further advice ... and stay around the Forum because you are with lots of people who will be able to help you here.

All the best

Debbie
Debbie
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angela18

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Post by angela18 » Sun Apr 27, 2008 8:34 am
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Me and hubby are trying for IVA. they are classed as separate but then interlocking as one payment!!

I would sort debts out in one fair swoop, then you will both be looking to a debt free future
Ang.. 13 payments in.. WOW, thats over 20% paid!! http://angela18.blogs.iva.co.uk/ well here we go

if you wish for a rainbow... then you have to put up with the rain xx
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MelanieGiles

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Post by MelanieGiles » Sun Apr 27, 2008 9:59 am
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AS the other posters have already stated, it is possible for your husband to enter into his own IVA, but your income will need to be declared and if you have any money left over this will probably be grabbed by your husband's creditors.

Do you feel that you could pay off your own debts within five years, if those additional hours at work are sustainable?
Regards, Melanie Giles, Insolvency Practitioner
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