www.iva.co.uk

MY HUSBAND AND I ARE CONSIDERING AN IVA.ALL DEBTS ARE IN HIS NAME WITH JUST MY NAME ON THE JOINT MORTGAGE. WHAT HAPPENS IF MY HUSBAND GETS THE IVA IN HIS NAME, AND I MANAGED TO GET A PART TIME JOB (TWO CHILDREN UNDER 4).HOW WOULD MY EXTRA INCOME AFFECT THE IVA? WE ARE ONLY TALKING ABOUT £200 A MONTH.
PLEASE HELP.

P.S IM AN UNLUCKY SOD WHOSE GOT NORTHERN ROCK AS A MAJOR CREDITOR.

rasmith

Hello ras248,

If you gained a part-time job then this extra money would go into the IVA, however you would probably have increased childcare costs as you have two young children etc.

Do you have any equity in your property?

I would contact at least 2 or 3 companies to gain advice on your debt situation. What is your amount of debt? Who are your other creditors? What is your Disposable income (income minus living expenses)?

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

Hi there

You do not need an IVA if you have no unsecured debts, but your part-time income would be included in the calculation of his disposable income on the basis that creditors will feel that you have benefitted from the debts.

Northern Rock are not as bad as everyone would seek to make out, and do actually accept a number of proposals - so long as they feel that you are making the best offer possible and not trying to avoid paying your debts.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp