www.iva.co.uk

Hi,

If I were to start going down the IVA process, would I be able to include the 2 CCJs I have? One is an attachment of earnings @ £130 per month and the other is a £5 per month standing order.

I have debts of around £50k. The absolute most I could afford is around £250 per month, but only if the AoE could be stopped. Which works out at around 20p in the pound over 5 years. I could stretch it to 6 years.

My wife also has debts of around £16k, but she is planning to start a Nursing degree next year, and may have to reduce her part time working hours to cope with the work load.

We live in private rented housing and have no assets. Although bankruptcy seems a reasonable option, we fear the effect that might have on our employment prospects, especially in nursing.

I had an IVA about 4 years ago, but it failed after major changes in circumstances.

In both cases our debts are from previous marriages.

A few years have passed now and we married last year, but we really need to do something, but don't know what.

Any help or advice appreciated.

Thanks

MrW99

I think you have the makings of a very good IVA on those facts. You could include both sets of debts, including the CCJs, and have one affordable payment for the next five years - £250 will probably be fine.

I would arrange to have a chat directly with an insolvency practitioner, who can update you as to how IVAs work these days. They are probably a little more flexible that you remember four years ago.

IVAs do sound appropriate but I doubt if bankruptcy would affect a career in nursing. Your wife could always check beforehand so I know plenty of NHS workers who have gone bankrupt.

Do not agree to six years as you do not own any property and you also tried an IVA before. If you do decide to propose new IVAs stick to your guns and best of luck.