www.iva.co.uk

My husband is self-employed and is currently struggling with his wages to pay the mortgage and bills. We are keeping on top of things at present but are starting to cut back on things like food, clothing etc which is very difficult when you have two children. We currently owe about £120,000 on our mortgage and have approximately £30,000 in loans. Would we qualify for an IVA and if so would this affect our future credit?

Hi Stacey.p hang in there and someone will be able to advise you. Welcome to the forum believe me you will find all your answers on here. Good luck

Could you give more info please.

WHo are your crditors?
Are the debts all unsecured?
How much equity do you have in your property?
How much disopsable income do you feel you would have each month if you werent to pay the creditors (once all household expenses and bills have been taken into account)

Going into an IVA will give you a poor credit rating for 6 years from the date it was accepted.

Experts will be able to give you more of an idea if you would be suitable for an IVA but they will need more information than what you have given.

Steve [:)]

Mrs Skint should be an IP - as she knows how to ask the right questions!

If you could post a little more information, then I am around for another hour or so this evening.

Does that mean i can have a job [:D][:D][:D]

When I open my Manchester office, you are first in line!

By the way, after some rearranging, we will be attending tomorrow night

Oh that is fabulous. Look forward to seeing you both there.

[V]We bought our house for £125,000 in 2006. My Husband earns approximately £800 a week but has to take out fuel (£40 per day), insurance for van, lease payment for van, goods in transit insurance and bills including mortgage £750 per month and with Gas, electric, water, council tax etc there is very little of his wage left. I work part time and earn £1000 per month which pays for clothes, food, holidays etc. My husband has very little money left over as he is always overdrawn. He also was overpaid in March, which he assumed was bacs payment for some of his earlier invoices his bosses lost in their office and so used the money. They are now insisting that they have this money back and are refusing to pay my husband for the next month which means we cannot pay the bills if this is the case. Does anyone know whether they are able to do this or as it is their mistake, are they obliged to discuss payment installments with my hesband? I have a loan with Natwest (unsecured) and I think my husbands are with Blackhorse (secured)

If your husband was employed they would not have the right and they would need to agree a repayment schedule with him. However, your husband is self employed therefore I believe that they do have the right. Suggest speaking to them and asking them to take the money back over a few months, they can only say no!

Would need more information before suggesting a solution, however, very quickly it appears that your husband may have approx £1,000 (net of tax and HP assumed at £200 - will need to adjust if higher or lower), note that this is my best guess and your husband's income (net of expenses and tax) may in fact be slightly lower but hopefully this will help you calculate your position. So the household income is approx £2,000 per month. You need to work out if paying all your bills, food, mortgage (don't foget to make provisions for car tax, servicing etc) etc do you have any money left to pay your creditors and how much are your monthly payments are to your creditors.

If the case is that you do not have sufficient money to pay your creditors each month then you ma benefit seeking advice from an Insolvency Practitioner so that they can give you all your options which may include an IVA.

You say that your husband thought the overpayment related to earlier unpaid invoices? Are these still unpaid, or was this a genuine mistake on your part?

If your husband has a good relationship - I am assuming that he is a self-employed courier - with his work provider, and he explains the financial hardship this is currently causing you, they may be prepared to take repayments by way of instalments, although they will need to undertstand why he did not spot the error in the first place.

Could you also let us know how much unsecured debt you actually have as individuals and whether there is any equity presently in your home.