www.iva.co.uk

Hello All
I have just found this website and it is great as there are many questions I keep thinking about and I seem to be finding most of the answers I need. My situation is that I have debts of about £28,000 spread over 6 creditors. I live with my girlfriend who is unemployed at the moment. We rent our house from a private landlord and are starting to struggle. She does not have a lot of debt but all her jobseekers goes to pay for her HP and other bits. When she was working she paid the bills and I paid the rent but I have had to find this extra money for the bills and so the debts I already had have been added to with more borrowing by a loan against my car. I have looked at a budget sheet and I think I have money left to pay creditors. I am thinking of an IVA because of the 5 year plan but I am unsure as to what figures to include for living. Another question I have is can the IVA only be on me as they are my debts not hers and so as long as she can live off her jobseekers can I have an Iva plan where I am paying the debts off my wages alone. Thanks

Hi Adam and welcome to the forum. I am glad that you think it is useful.

If you are able to propose an IVA to your creditors, this will be in your name and your girlfriend will not be involved - although her income will be considered in arriving at the amount you can afford to pay. This is done to ensure that you are both paying a fair share of the bills, based upon your respective incomes.

With regard to your expenditure, here you need to be honest. Work out what you spend regularly at the supermarket, identify whether you spend additional sums during the seek - for instance on fresh bread, milk, newspapers etc. Also list out all of your regular standing orders and direct debits, and dig out your most recent utility bills for electricity, gas, water, council tax, telephone and insurances. Don't forget car and travelling expenses too, and allow at least £50 for miscellaneous expenditure and contingencies.

Have a good think and continue to research using this site and others before you make up your mind. For more specialist advice, tailored to your individual circumstances, I suggest you contact a couple of insolvency practitioners or debt management companies who will be able to explain your options to enable you to make a reasoned choice for the way forward.

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