HELP PLEASE

[georgie14]

we are still searching all the info on IVA (which im sure you all remember is such a hard decision to make the steps towards this)

as my husband is not as keen to enter this route even though we both know we need to do something but as we have never missed payment he sees it as something will sort its self out - i know it wont.

all the debt is in my husband name (except the mortgage) as my husband earns the most money he has always paid for mortgage, utilities, phone, car etc i only ear £1000 per month and £600.00 goes on my credit bills and then £400.00 towards home insurance, car insurance & food/baby essentials.

as i dont need an IVA i am worried that if we apply for one for my husband he A) wont qualify because if we put all the household bills (the exact money for foor the insurances etc) it doesnt leave enough of a margin - although i pay for these items.
B) they will see that i have a wage and calculate his payments down and expect a contribution from me but i dont have the surplus to do this

any advice would be so apprecaited as i said its becoming a very anxious time for us and as i am more swayed to this solution my husband isnt so i need all the facts before we take forward.

thanks again in advance

[littlefi]

I'm pretty new to all this too, so someone more experienced will be along too.

If the debt is in your husbands name then the IVA will need to be in his name so he needs to be onboard totally as it will be his IVA.

My IVA application is in my name but both incomes were taken into account as it is the household income as I understand it, I could be wrong!

I have to say the company I dealt with were very fair when working out my outgoings, we have struggled for so long trying to keep on top of the debts I wasn't putting anything aside as a contingency fund or for the dentist etc etc, they have sorted it out so all this is accounted for.

I was the same as your husband kept thinking it would sort itself out and ignored the early warning signs of which there were many. I'm so glad I kicked this process off, it's a serious process and not to be entered into lightly but I now know it's the only solution.

I hope you get sorted and I'm sure someone will provide a more structured response!

[kallis3]

Hi Georgie,

The time will come when you will find that you are missing payments, especially when the interest rates start going up.

As far as I am aware your wages will be taken into account to make sure that you are paying your way into the household. This would free up disposable income for your husband.

Speak to one of the experts. Visit www.iva.com for a list of companies and reviews and give one or two a ring for some free and impartial advice.

[Foggy]

Hi. I would ahve a chat with one or more of the IP companies on the link Kallis3 gave you. You say ALL the debt is in your husbands name, yet you pay £600 per month to credit card bills. Be open and give the IP the full picture -- it might (MIGHT) be an option to both go for interlocking IVA's and capture the household debt in one fell swoop.

[ginger3232]

Hi Georgie - Can not add to what the others have said - apart from Welcome.
Whatever decision you both choose - take time,read and reread everything, so you understand what you are both signing up to.

Use the forum for any questions/queries or just a good whinge !

[georgie14]

hi thanks for the replies.

i know that my husband needs to be fully on board but he is one of these that all info needs to be presented to him and then he can hopefully see the sense so i am trying to get my head round it first (as i am the level headed one) and then i can support and advise. I wish it was in my name as i would not hesitate starting the process.

but you are right as interest rates rise etc then we will need to do something and i would rather be proactive than reactive and some days i am positive about it and other not so - so i can see why he has reservations - im sure you were all the same and its easy to look back and say do it (not so easy when you are trying to get your head around it) i have no problems with them taking both incomes into consideration but i am finding it hard to see then if we qualify because if i put the true costings down for him they will advise bankruptcy but as there my wage then IVA is an option but i dont need to apply for an IVA also as long as my debts are taken into consideration - im sorry i dont think i am making sense

what i mean is they ask on CCCS for outgoings but as its an individual IVA and the household costs are covered jointly then at what point will my earning be taken into consideration if i am not involved on the application and have a surplus of £400.00 its seems hardly anything do i then increase the outgoings for food etc? does this make sense?

also i worry as i am sure everyone does if it will get accepted going through cccs it says we can afford to pay 218.00 per month on an owed debt of £51,000 this doesnt sound very much meaning we would pay back £13080 can anyone shed any light on this?

thanks again and sorry for the questions im sure you can tell today is a negative day hee hee

[georgie14]

i cant see how interlocking would work better as i pay my parents £330 loan a month (got 3 years left) this was from before i married and i have never missed a payment so my actual debt to cards etc is £4000 is the debt i have in my name. If i entered an IVA then you cannot favor one lender which i appreciate but i also can not pay my parents back when the debt is in my husband name (also majority of this debt he carried before meeting me) and as much as i dont blame him for it and want to support him i also have to protect my family and i am not not paying them. im sure i will get some negativity to this point but its very important to me that my parents get their money back likewise with my creditors

[Rosepetal]

Hi, i understand how you feel, most of our debt was my husbands,he had things i didn't know about. our situation was such a mess,he had his head in the sand. it's very difficult to deal with someone like this.

a IVA means you repay what you can afford. some people have more over than others.

we were looking at BR but my parents stepped in &helped us by putting forward £ to do a Full& Final IVA. we are in the process of trying to re pay them so i understand how you feel about owing your parents £.

you need to be very open about your concerns when talking to a IP then they can advise you your options. it may be even though you don't want to hear it that BR is the best thing for you, get some advice. the link above will help you,well done for facing the fact that you have a problem x

[Pandy]

HI Georgie14 welcome to the forum, from what I can uderstand of your situation your income would be took into account to make sure you pay an equal percentage of the household exoenditure, unfortunatly I think they would not allow the payrment to your parents to be exempt as it would be classed as favouring your creditors over your husbands. So indirectly you would be using more of his disposable income for household expenses leaving less for his creditors. I think you really need to speak to a professional regarding this, look at www.iva.com and pick up the phone to ring a few and they will be able to advise you. Ring 2 or 3 until you find one that you are happy with.

[Tina Shortland]

Hi Georgie14 - take a deep breath and when you're ready pick up the phone to 2 or 3 professional - they will be able to gover everything with you - the why's, the what's and the what if's. That way you can have a clear understanding of what you and your husbands options are based on the circumstances you have and then you can feed back to him what you know so he can have a more confident picture to move forward.

It is a common thought that if there are no missed payments then everything must be able to sort itself out - but as everyone on here will tell you who's been there - if you look at things from a cash, no credit basis, you must only be able to cover ALL household costs (bill,s creditors, general living etc) by relying on more credit along the way which means that there is a real problem now - your husband just can't see it or feel it.

Experts look at the whole picture as creditors will want to see your husband is doing the best he can in what he offers, thus minimising what they have to write off. If he is supplementing you from his fair share of the household income so you can pay your parents loan then the creditors may not be happy with this but until someone has a better understanding of the overall income and expenditure they won't know what the true picture is and what your options are.

Regards

[georgie14]

thanks for all the advice

tina we are going to speak to some proffessionals and hopefully get a better understanding its just plucking up the courage to do so.

we both know something needs to change - sooner rather than later.

as for my husband suplementing me that is not the case these have always been his payments and his debts i pay a fair share of the household bills etc in comparison to what i get paid, i had my loan to my parents before i met him and he had all his bad debt before he met me and as much as i support him i also dont have a great deal of debt so surely if he is getting an IVA in his name then they can only account for my surplus income after i pay "my creditors" as they cant tell me to not pay thins be it my parents or my credit card company because of his debt. my debt is manageable and minimal so how can they tell me who wont have an iva that i cannot pay my creditors? or am i missing something?

thanks again

also when we decide to speak to IP where do we find recommended people to speak to and do we have to go to someone local? also how long does it take once submitting all the paperwork to getting a meeting with the creditors?

[ginger3232]

Georgie - i am sure you thought about it - but if you have joint overdrafts etc - and you husband enters an IVA - the creditors are likely to come after you for the full amount

[georgie14]

i honestly dont have anything joint with him we have always kept our finances separate and bank accounts i have my own. we split the bills he pays for mortgage, utilities, phone and council tax and i pay for food, living costs, insurances (car/home) as he has always earned more this is how we have divided it.

i have a small amount of debt including to my parents as you can see from above but it now seems that my husband creditors/IP could make me stop this - which i still cant understand fully but i am sure through this forum and proper advice i will

[ginger3232]

Georgie14 - i wasnt doubting you - but just wanted to make sure you knew what could/does happen with joint overdrafts etc -

As others have said, speak to to a few companies - etc explain everything to them ,and hopefully things will be a bit clearer. Main thing is take time/understand/read and re read everything they send you

[kallis3]

If you are not going into an IVA with him then you should, as far as I am aware, be allowed to pay your own debts. You should not be penalised for his debts, especially as you have not benefited from them.

Do speak to an expert and I'm sure they will put your mind at rest.