My wife and myself have recently looked in to the prospect of an IVA.We have a combined debt of £67,500 mostly on a variety of loans,credit cards and store cards.We feel very guily about letting ourselves get in to this situation although many finacial problems have come our way since the birth of our son four years ago, sickness and having to go to on to half pay for a while, expensive childcare costs after mother in law became ill and was unable to help us with free childcare anymore are just two of the reasons we are in this situation now. Innitially I built up a lot of debts trying to make ends meet untill i couldnt lend anymore, then my wife has built up a lot of debts quite recently mostly in the last three years. Is it feasible we can apply for an IVA together as the debts are split between us roughly 60%-40%.
Het antman, welcome to the forum. Sounds like you've had an awful time and I don't blame you for wanting to sort all of this out. An IVA could be an option for you and your wife. They would drafted individually but yes, you could both possibly do an IVA. There are other options so I suggest you speak to a professional. Keep posting and asking questions, we're all here to help. X
Last edited by Viki.W on Sat Oct 18, 2008 10:31 am, edited 1 time in total.
Hi there antman and hello from me too.
Yes you can have two interlocking iva's, one proposal,one income and expenditure, one monthly payment, but they are still individual and voting is idividual. Ours is like this.
As Vicki says the best thing to do is to speak to an ip and get all of your options an interlocking may not be the best solution for your situation. Theyt will give you all the necessary info you need. it is a good idea to contact a couple of companies and see their opinions. You really will feel so much better for dealing with it all. We have never felt happier than we do now knowing we are on the way to being debt free and out of that vicious circle of debt.
All the best keep posting and ask anything that comes to mind.
Hi Antman and a third welcome.
We were in a similar situation to yourselves - approx £48k split 70% myself - 30% my wife. We were advised that separate IVA for both was best for us, cos if 1 did not get approved, that person could still consider a DMP. as it was, both were approved and that huge burden of debt was lifted. Don't get me wrong - money is tight, but just to have a bank a/c in the black every month, and no demanding letters, is worth the "penny counting", and it has been really interesting to see just how little a family need to spend each month - an interesting learning curve!!! Hope this helps, and keep us informed.
Let the insolvency practitioner be concerned about whether your IVAs should be presented individually or linked together. All IVAs should be proposed individually, unless the contributions you would be making as individuals would not support a viable proposal without the support of your partner.
It certainly seems as if there are real reasons which have led to your current financial difficulties, and it is commendable that you wish to resolve these by paying as much as you can afford over a realistic timescale, rather than running away from the debts.
