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I have recently been made redundant and have no way to afford the debts I'm in. My wife of 3 months is the owner of our house and her name is on the title to the house having owned it for 5 years before we met. Will me applying for a IVA affect her in any way? My debts are mostly from my previous marriage.

Hi there and welcome to the forum. Sorry to hear about the loss of your job.

An IVA is unlikely to affect your wife or her property, but how will you fund the repayments with no income?

Yes Melanie is right - what do you owe? To how many creditors? What are your assets? What other income source do you have?

I'm hoping to get a temping job but that won't cover all my debts. Obviously I don't want her to lose the house or anything else for that matter.

An IP will be nervous to recommend an IVA to you, if your income is derived from temporary short-term contracts. In these circumstances a DMP is probably a better option, until you get something more permanent.

Sorry if this is a silly question, what's a DMP? I'm obviously looking for permanent work too the temping is to keep us going till then.

A DMP is a Debt Management Programme. You enter into an informal agreement with your creditors but you may not get them to freeze interest or charges. It can also take longer to pay off.

How does one go about sorting something like that? What are the effects of a DMP or an IVA?

In response to David, I've a loan for 25,000 brought from my last marriage, credit cards of 11,000 or slightly more and a loan on a car for 8,000 to approx 4 creditors in total

You need to contact an insolvency practitioner who can give you advice about all debt solutions which are available to you, and can explain the advantages, disadvantages and implications of each one.

Are you struggling to meet your contractual repayments at present?

You need to visit www.iva.com and speak to 2 or 3 professionals. They will be happy to give you all initial advice free and if they are not in a position to help you directly then I am sure you will be placed in safe hands.

The immediate issues, such as is the car on hp or a loan, and whether you have secured any work at all, albeit agency/temporary as it may be, can be addressed directly with you.

Good luck and let us know how you go on.

Regards.

I'm not as yet as I've a months pay still in the bank, but shortly I will. My wife can assist slightly but she has the bills for the house of her own to pay too.

I would still urge to speak to someone as soon as you can, if you cannot secure any employment in the coming weeks the money you do still have would be to my mind better served being used for living expenses rather than being used to fund unaffordable debt repayments.

Regards.

I totally agree with Size5 and Melanie. You do need to take professional advice.

Give either one of them a ring, they are recommended and will explain all the options open to you and advise as to the best way forward.