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Hello fellow IVA friends I am 8 months into my IVA and am going through a divorce at present, my solicitor is presently trying to get my wife to take on half of the debts. At present my debts amount to £25,000 but I know my wife probably has debt of about £10,00 so if these are halved would bring my amount down to about £17,000 . I have read on the forum about final offer payments but don't fully understand how this works . Could someone advise me on how this final offer process works and approx what amount of money I would need to clear my debt of £17,000 because I am die to get a redundancy payment in July? Thanks
Neal.
BTW I think the forum is excellent and os helping me a lot I am not getting much support from my family they class me as a failure as they are all sitting comfortably .

Hi Fozzy - Are you likely to find work after your redundancy?

With this type of payout - they tend to allow for 6 months of living cost from the redundancy pay - whilst you find a new job.

If that is NOT going to happen - it may be worth speaking to your IP - keeping him in the "loop" - have you any idea what the level of redundancy pay would be like?

Unfortunately its times like this you need support from people around you,not their condemnation so at least use the forum as a sounding board - (we have all been there):-)

Best Wishes

Hi Fozzy,

Firstly, you are not a failure! Your family might seem as though they are sitting pretty but who knows what goes on behind closed doors? At least you are doing something positive about it.

As regards the debts in the IVA, were they joint or single debts? If there were any joint ones then your wife has no option but to take on these debts as you are both jointly and severally liable for them and she will be pursued for the whole amount. I'm afraid it doesn't work out at half and half.

Your wifes debt will be hers, and hers alone and she will have to pay for that.

How much redundancy will you be getting? Usually you are allowed to keep back up to six months worth to fund your normal monthly payments while you seek further employment, once you do then anything left has to be paid across to the IVA.

Speak to your IP about this and see what they advise.

Thanks , the redunancy will be about £7,000 and unfortunately I am not entitled to any of my pension untill I reach 55 I am 51 now, The debts are in my name but we both agreed to take them out. I am a brickie by trade so am going back to that self employed so have got no idea what my earnings will be.

Speak to you IP - as you are going self employed - i assume you will have costs etc (equipment/accountant/transport) as you may be able to keep money back for this.

As Kallis mentioned - you NOT a failure - you just going through a "blip" - and we all have them

Hopefully your solicitor can get your wife to agree to pay towards the debts otherwise you will be liable for the lot.

Good advice from ginger.

I consider myself stupid for doing what I did but no way am I a failure!

The first thing to do is tell your IP and possibly get a payment break There are options and using some or all of your redundancy as full and final is one of these options as is using the money to set yourself up in self employment and living costs until the money comes in.

I doubt if any solicitor can transfer debts that are in either of your names and ultimately you have only one debt which is your IVA. Your wife can sort out her own debts or help you make an offer to settle the IVA.

Hi Fozzy bear - really glad you have this forum to help support you as it sounds like you need it, especially now. Hope you manage to get things sorted soon and lijke the others say speak to your IP asap and work something out.

Best wishes and keep us posted as to how you get on.

Regards,