www.iva.co.uk

hi i have 62000 debt i total over about 6 different creditors ( 18000 of that joint ). have no secured debt apart from mortgage that up to date and no charging orders at present. have been on dmp but treading water and debts not decreasing. am looking to do a iva possibly jointly with wife. would this be an option for me please? am looking for professional and impartial advice. thank you.

Hi and welcome,

You would have to do an interlocking IVA as there is no such thing as a joint IVA. I suggest that you speak to some companies. You could speak to Vincent Bond (details under ask experts a question link on the left hand side of the page) and get some free advice.

As mentioned by Kallis, there is no such beast as a joint IVA.

Now, as you probably know, if you go into an IVA, your spouse will still be liable for the joint loans in full, so, yes, it is wise that she looks at a debt solution too, as I imagine she wouldn't be able to maintain the repayments on her own. You could look at her going into an IVA as well. These are usually interlocking, which means one I&E and one monthly payment, but don't have to be.

It is possible, on examination of your full situation that one off you goes into an IVA and the other on a DMP, but, on what you have told us, I imagine the two IVA's would be the way.

I would suggest chatting to a couple of firms ( a look around the forum will show you the ones to look for and those to avoid ). I would suggest staying clear of the "IVA Factories" --- over large firms with little regard for individuals.

Best of luck.

Our situation was best for me to be in IVA and wife in DMP

Most insolvency firms will give free and impartial advice and a DMP does not sound like the correct option for you. I would be suspicious of the firm that advised the DMP so get your insolvency advice elsewhere.

Hi

Given your debt level I would look into the possibility of an IVA, this will give you a clear end date to your debt worries
How much are you paying each month into your current DMP ?

Regards

Have a chat to an IP to see if IVAs would be viable for you. Recommend you have a meeting with one in your local area that you can meet face to face. Most good ones should not charge anything for the first mtg.