angry, scared and confused

[aniy]

Hi
I am angry, scared and confused & not able to manage any more.
i had been in debt while in uni but managed to dig myself out, fact i am polish and the money earned here has much bigger value back at home helped. since than i have been very cerfull and did not have any debts, managed to get some savings(on my polish investment funds).I worked hard over seven years getting from £3.5 ph waitres to modest 2k pm dreaming one day i could afford to buy house, stop wasting money on rent and have childern.

I met my husband husband 3 yrs ago and for long time didn't know about his debts. 18 mnth ago I forced confesion out of him & consolidated his debt in to one loan (23k+ppi+intrest, £31k outstanding as of today). Got married last September.

Recently i learned he made another 7k on cc and overdraft as he could not afford to pay his own debt and live on remainder of his wages. All that time I was covering our living expenses and paying the loan I took for the wedding. I am worried it will get me into debt, forget about risking the mortgage! I had a look & think iva would be best for him but how would that affect me? would the loan taken out for wedding on my account be calculated in? how they calculate how much he needs for living?

[rich25]

if its a joint loan, most companies will calculate it based on the full amount he would have to pay e.g. a joint loan for 30k, would be calculate as 30k he would owe if something happened to U.

[finebridge]

Hi,
I’m sorry to learn of your situation. The IVA would just be your Husbands arrangement with your creditors but if any of the debts are joint he can include these but they will chase you for the money, therefore you will need to make allowances in your household income & expenditure to repay these debts.

It may be a good idea to contact one of us experts on the forum to see who your husband’s creditors are and to check that an IVA is the best way forward.

I hope this helps.

Kind Regards

Nicola


Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

[MelanieGiles]

Hi aniy

As your husband only appears to have three creditors, I think it is unlikely that an IVA would be acceptable. He should try and renegotiate the ongoing payment terms with his creditors to an affordable level, leaving you with sufficient money to service your own loan. As he has an overdraft with his current bank, it would be sensible to open a new account so that his salary is not being gobbled up each month before he starts to make his repayments.

Prepare a joint income and expenditure account listing all of your incomings and outgoings and see what is left in terms of disposable income. Divide this up equally amongst the creditors, in proportion to the amount of their debts, and offer an ongoing settlement on that basis.

If you are unable to cope with this directly, there are several good debt management companies who could help, or try contacting your local branch of the Citizens Advice Bureau who will be able to point you in the right direction.

Good luck

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk