I have unsecured debts of around £50k to 6 creditors, all bar one loan are in my name only.
Would the IVA be against me only or me and the wife?
How does the endowment plan I have get given up as I have read on a numeber of posts, if this is not running to form, can they only take it if there are additional sums beyopnd the mortgage repayment value?
Thanks
D
It is difficult to advice specifically ona forum, when we don't have full details of your financial situation, and I would therefore advise that you consult an insolvency practitioner at the earliest oppurtunity. Your wife will probably not need a formal insolvency solution.
Unless the endowment is assigned to the mortgage company, you will probably have to offer your share to creditors under the terms of the IVA.
Thanks, think like most people I have been putting it off and kidding myself that things will get better, it wont and hasnt, the wife was made redundant the week before xmas and facing upto the issue now seems the only realistic thing to do.
There are a lot of experts on here who come highly recommended, and you can find their details under the experts link on the left hand side of the page.
Or you could visit www.iva.com where you will find reviews of companies.
They will go through all your options for you and advise as to the best way forward.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You, as advised, need to speak to an Insolvency Practitioner to discuss the various options that are available to you and possibly your wife. Visit www.iva.com and see reviews on several and I suggest you pick 2 or three to have a chat. Good luck and lets us know how you get on.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
You will feel much better once you have spoken to someone about this Lilden, and it is a good idea to be prepared for that discussion with having a list of your creditor balances to hand and an idea of your income and expenditure.
