what would be the best thing to do

[j.m]

I am currently a mortgage consultant. My wife works for a finance company. She works in a non financial role.. She has debts of about 75-85k alone and I have about 50k all unsecured.. My wife wants to do an iva as we have more going out than coming in...she earns 2k a month after tax and i earn 1300 for now....i will earn more as my commision rises....outgoings are about 3600...She is willing to take her name off the accounts however the mortgage company will probably not take her off the mortgage as we need her income ...what would be the best thing to do.........thanks

[MelanieGiles]

Hi jm and welcome to the forum

If your are seriously thinking about an IVA, the first thing to do is to work out what disposable income you would have each month to offer to creditors. This is worked out by taking your combined salaries, any child benefits you may have or other income, and deducting usual household and personal expenditure allowing for some contingencies.

You will also need to work out what equity (if any) you currently have in your property, as the creditors will expect some of this to be released to them during the IVA as well.

If you can post more information, then one of the experts will be able to help you further - or alternatively take specific advice from an insolvency practitioner.



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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk