www.iva.co.uk

Hi guys my wife is staring the process of taking out an IVA and I have some questions. She is starting a second job next week and is hoping to get away with not declaring it. It at all possible to get away with this. Can her P60 be demanded each year at review??
What are the consequences if caught?
Also she owes around £32k in overdraft and cards plus I have a loan in my name that paid of her previous debts for £18k, at £260 a month. Is it likely they my debt will be allowed to be a priority debt or lumped in with the others? If it's the latter it will be a real struggle and she would need a second job as paying it would wipe me out. If this is not a priority debt, as the largest creditor, how much as I likely to get and how much influence to I have over the decision
Thanks for any help
Rob

Hey Rob.be, welcome to the forum. Your wife will have to show her P60 so the second job will be picked up. I can't quite understand the other bit of your question but I'm sure someone who does will be along shortly to advise you.

Well from what I can make out, the other debt appears to be his, so that won't go into his wifes IVA anyway. I imagine that he will have to continue paying it.

Hi thanks for the input. Basically I took out a loan to pay off some of my wifes debts, it's totally in my name, but my wife pays the amount due into my account each month and it's paid from there. We have heard debts to family are treated different than to the banks etc, is this true? I have proof that it paid off my wifes debts, can this be taken in account at all?
If it can be taken into the IVA I have just read that cerditors are only paid yearly, is this true?

Your wife needs to make an honest declaration of her financial affairs both to her IP and to her creditors.

You may be able to prove as a creditor in your wife's IVA, but it is most likely that her other creditors will want to see your debt excluded. If you are allowed to claim in the IVA, you ought to receive dividend payments at least once per year depending upon the firm your wife chooses to appoint, and some firms may pay monthly or quarterly dividends.

As Melanie states you must be honest. On all new Protocol compliant IVA's the following statement is included at the end of the Proposal:

[i]"I confirm that this document fairly sets out my proposal to the creditors for an IVA and that to the best of my knowledge and belief the statements are true. I also acknowledge that although I have received assistance in drafting the proposal, its contents remain my sole responsibility and the implications of the proposal have been carefully explained to me.

I understand that if I have committed or do commit a criminal act, the nominee or supervisor (or both) may be obliged to report such act to the appropriate authorities. Without limiting what I have said earlier, I know that, for example, this could involve a report under the Proceeds of Crime Act. If the nominee or supervisor discovers that I have committed any other criminal act which they do not have any obligation to report, they may nonetheless report it to the appropriate authorities if they see fit".[/i]

Hence you must make a full declaration of all facts and be honest.