www.iva.co.uk

Hi I have just had a phone call from debt matters, my husband is thinking of doing an iva currantly who approx 73,000 and i have approx 19,000. They have said that i would have to do iva too but really we only wanted him to. They said that the creditors wouldn't accept it as I had debt myself and was still going to pay my bills.
Can you tell me if this is correct.

Would I be correct in assuming that your husband has debts of £73,000 and that you have debts of £19,000.

Are any of those debts in joint names or are they solely owned? If any of the debts are jointly owned, it would seem rather pointless to deal with your husband's share but not yours at the same time. For instance if your husband pays back 25% of the debt, the creditor would pursue you for the other 75%.

On the £19,000 liabilities, can you service them on a monthly basis to the creditor's satisfaction?

Are you simply making minimum payments and as such your liabilities may, if anything only be increasing?

Or are you paying your own liabilities off and it is to an extent where your liabilities are decreasing on a monthly basis?

If it is the first of those two scenarios then it would probably be to your advantage if you were to seek advice on your circumstances and as such, if after understanding the implications and advantages and disadvantages of all options available to you, then it may well be worthwhile considering a 'joint' IVA.

If it is the second scenario, then I don't see any reason why your husband could not go down the route of an IVA based upon his sole debts. Though he will more than likely have to show your income in his proposal and what portion of your income goes to household expenditure and which to your own personal liabilities.

You said Debtmatters say an IVA was not going to be an option available to deal with your husband's debts. Did they outline the other alternatives that are available to you?

it is the second and they said creditors would most likely only accept if i did iva as my debts would be getting more of the surplus income than they were.
they suggested dmp or joint iva

I thought Debtmatters were no longer in the IVA market?

An IVA is an opportunity to repay your debt to your creditors over five years.....if you have an opportunity to repay both yours and your husbands debts over five years (even if this is the 100% of debt) then surely this is better than having to make minimal payments only and never seeing your balance going downwards - being in an IVA is not all bad and to be honest it is the best wake up call their is to how silly we have been spending money on things in the past - it helps to re-gather and adjust your life styles and appreciate the finer things in life.....five years is not that long at the end of the day and think about it as a "car loan" having a car for five years isn't too long .....then you trade it in...five years in a IVA will bring far greater rewards and personally I cannot wait for 2012 when I am debt free!

i asked debtmatters and they said it was a load of rubbish that they weren't doing it anymore. They have also put together for us a dmp we are just trying to decide which is the best way to go

If your debts are solely in your name and your husbands are solely in his, no you do not have to do an IVA if you can service your debt with your share of the surplus income.

Personally I would suggest contacting a couple of other companies as it sounds to me that they would like 2 IVA's which may not be necessary.

Hi
I agree with Jo
Speak with another company or two and get a second opinion.
Regards

I had debts of £27000 and my hubby £33000. He wasnt keen on doing an iva to start with but when we had our meeting with a debt advisor from Clearstart we both knew that it would be easier for us both to have ivas.All our debts,ringing on phone and letters arriving was a great stress and upset on our marriage . Now with the ivas approved we can concentrate on paying our monthly payments and getting nearer to a debt free future.