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I am considering an IVA as I have mounting debts which the interest alone is now beyond my monthly ability to pay. My question is does an IVA effect or touch my partners half of the house, her savings (IE her car) and her savings. all in her name

Hi,

An IVA will not affect your partners half of the house, her savings or her car.

All she will have to do is to provide proof that she puts her fair share of money into the household expenses.

If you visit ww.iva.com, you will find a list of companies and reviews. If you ring one or two of these, you will be given free and impartial advice by debt professionals about all the options open to you and the best way forward for your circumstances.

If you have been in a long-term relationship with your partner, and she is deemed to have benefitted from your debts - ie they were incurred for family purposes rather that you personally, creditors are likely to want to see her surplus income also taken into account as well as your own.

A chat with an insolvency practitioner would help you to understand all of the options which are presently available to you, and the advantages, disadvantages and implications of each one.

Hi Melanie, are natwest likely to accept my proposal or is it really hard to tell.. The reason i ask is that i have spoken to at least 4 people who claim Barclaycard are a nightmare in the fact they dont bother voting. I wonder if natwest have this reputation

Both Barclaycard and Natwest do tend to vote more than they don't. Sometimes it depends on the level of their debt. I don't think you have anything to worry about as they are fairly receptive to IVA's

They are both creditors that I deal with regularly, and most often than not they will vote - and usually positively, so long as the best offer is being put forward.

I am now sorting m,y debt out. My partner knows and is being helpfull. She does not work as she has been off work for some time with depression. (Nothing to do with the money). We can raise arounbd 40k by mortgage and parents. With a total debt of around 110k (mostly mounting interest) would this be a good start for a F & F IVA. I could also make monthly payments

I think that you have good grounds for an IVA there, but your best bet is to have a chat with an insolvency practitioner who can explain all of the options to you.

Looks perfect for a F&F - speak to an IP. Visit www.iva.com and see reviews on some and select one or two to have a chat. Let us know how you get on.

40k on 110k debt isnt much for a F&F,is it??

David reckons it's ok though.

It is a very good offer Paul. I am sure that creditors will be very supportive of the return.

Would creditors look to what they could get over 5 years first before they go for a F&F offer. I know that the offer being made is about 36p/£ before fees,but thought that for a F&F to be accepted a reason for not running the iva for 5 years was needed?

I think that is only if you want to a F&F during your IVA.

I know Viki did one last year and I don't think she had to provide a reason.

I could be wrong though!

The IP would need to demonstrate that they offer would be better than paying contributions over a five year period. And this would also take account of the time cost of money as well - ie a bird in the hand is worth two in the bush.