Was reading about IVAs but have a few quesions if I may.
I am single - have debts of around £40k - earn at this time £27k a year.
I live with my fiancee and are expecting our first child in March so this is very difficult for me right now.
My fiancee has her own home - and the mortgage is in her name.
My current account address is registered to her house - all other bills are registered at my former address (my parents)
Am I able to contact somebody and she will not be affected - ie my IVA (possibly) and nothing will happen to her or my parents.
Really need to sort something but dont want to affect anybody else.
Also does the IVA sum get changed each year ?
If an IVA is offered for example £xxxx pounds a month and its too much do you have a choice in accepting or refusing ?
Getting really worried now - just going to read some more posts.
The very best advice is to ask you to speak directly to an insolvency practitioner. We have a couple who post on the site. I understand from your post that youre worried and stressed and I have been there so I know how difficult a time this is. On top of that, youre soon to become a parent... congratulations!!!. So its inevitable that your outgoings/ committments will be changing. I can promise you that the stress you feel right now will be eased once you have spoken to one of our experts. Melanie Giles comes highly recommended by other forum members that have used her.
Does your partner know about your situation? These are your debts and her assets and those of your parents are safe, for income and expenditure purposes though, your partners details will need to be known.
I hope that the site can help you to feel better about everything soon. You are amongst friends here who have been where you are now.
Hey meuk, welcome to the forum. Congratulations on the baby news, how exciting. You must be stressed out but don't worry, as Lily has said, your family won't be affected. Keep posting and asking questions. X
Thank you for your replies. We find out on Tuesday whether boy or girl so one thing to look forward to - I hate surprises so cannot wait for that.
My partner knows I have debts (we`ve been together now for 2 years) and knew I couldnt get a new mortgage etc for now - when getting all my debts together (cards,loans etc) - what whould I put for other expenses etc.
I give her what I can per month - a car loan that I pay for but is in her name etc --- would I write all this down as I suppose on paper I `owe` less out ... but actually pay more if you understand.
The best thing to do now is just list everything down. Your outgoings and income, do it as a couple, include all of the priorities like mortgage, elec, gas, council tax etc but leave out the loans credit card payments (these are the non priority debts). Whatever is left is disposable income and its this that is used for an IVA. I think its based on your percentage input into the household bills ie, if you pay 60 per cent of the bills and your partner pays 40. then this forms your IVA, so any extra taken will be 60 per cent of your combined disposible income goes into IVA. This has actually melted my brain so please forgive me if this is wrong, I am single so I didnt do any of this. An expert will be along soon anyway to put it right. Anyway I hope you get the jist of it.
As for the car, if its HP, then this will continue until the end of the HP agreement (The car needs to be something general, not like a rolls or something as the creditors wouldnt agree for you to continue the HP on a rolls or a jag). Then when the HP is over the extra money goes into the IVA pot. If the car is a loan agreement, you will not continue to pay the loan, the loan company becomes a creditor, just like the others and provided as before it isnt a jag or such like, you can keep it.
There appear to be a few complexities in your case, such as the loan you are paying for your partner, and the new baby where your costs ar likely to increase.
I would suggest that you seek professional advice at an early stage from an insolvency practitioner who will go through the options you have available to you.
