www.iva.co.uk

Hi
are my employers contacted?

Thanks
max

no not on a iva

Thanks.
Another question:
Do i have to inform my husband

it depends if any of the debts are in his name
most of my debt is in joint names
nicky

Hello Hitman and welcome

If you are considering an IVA your husbands would have to be incuded in the income/expenditure, also if you have a joint mortgage there is usually an equity release clause at some point during the life of your IVA.
I hope this helps, I am not an expert just another person in debt.
Good luck and keep posting.

LILY

Hi Hitman,

If I had gone down the IVA route, it may have been possible to keep my husband in the dark even though we have a joint mortage and equity in the house, as my payments would have covered my debt in full AND the IVA fees over a five year period. If you are in the same situation, then it may be a possibility. Also, as people have already stated, if you have any joint debts (other than your mortgage), it is likely he will find out. The only time I have heard about employers finding out is if the creditor has your work number, and they start ringing you at work to hassle you about defaults before the IVA is approved (once approved this is illegal). One way to protect yourself against this is ring up your creditors and tell them your work number is old or invalid, get them to delete it - make sure they only have a personal number to get you on. Hope this helps.

I am taking baby steps to work out how to tell my husband. I started off by confiding in a trusted friend. Good luck!

I do not know who is good at arranging an IVA I am getting more confused. Is this normal I will just be relieved when i can breathe again, I feel so alone and stupid.

Helo hitmas

I would suggest phoning around 3 companies and talking through your options, just to get a feel for whats involved, you could start with the companies on this site. Although you have a debt problem, there is no sense in beating yourself up about it any more. You are considering trying to address it and that is an important first step. There are many still burying their head in the sand. Could you consider talking to your husband? You are not alone, there are lots of people in the same situation on this forum.

I hopw this helps good luck and keep posting.

LILY

Hey, don't worry, I felt exactly the same as you a few weeks ago. I didn't know who to turn to and felt completely alone (and stupid!). It didn't help that I was getting little bits of advice from everywhere but nobody had sat down with me, and taken a look at the big picture.

You will find that people will recommend talking to one of the IVA experts on this forum (go to Meet the Experts). I, myself, talked to Thomas Charles, Grant Thornton and Finebridge. They were all good but Finebridge were the best - very supportive, completely objective and in the end they recommended a debt management plan not an IVA (even though it was not in their interests to do so). Ask for Brian if you do contact them, he will go through everything with you - don't be scared. Your husband doesn't need to know anything at this stage. I promise you, you will feel better as soon as you have done this.

I completley agree i know all of this may seem really scary at them moment but it is all worth it! you will feel 10 times better once this has been sorted!

Hi Hitman

I think if you do go for an IVA any of the companies on this site will be a help, but PLEASE, PLEASE stay away from a company called syngeri (i think I've spelt it right). If you look back on some of the post on this site soo many people have no ends of problems with them.

Hope this helps[:)]

l morris

Hi Hitman

Nicky is right, if you undertake an IVA, your employer is not told automatically. However, your name and address will be added to the Insolvency Register which is freely available to anyone who wants to interogate it. As such, if your employer was to check the register, they would see your name. Clearly most employers do not do this and so it normally does not cause a problem.

I would recommend that you check your employment contract. If it specifically says that there would be an issue if you declare yourself insolvent, then I suggest it would be prudent to discuss the situation with a friendly face at work first before entering into an IVA.

On the point about whether your husband needs to know, I would always advise that you tell your partner opf a debt problem (although i know that this may be hard). If you own a house together he will definitly need to be told as your IVA may involve releaseing equity which you will not be able to do without his agreement

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk

There may be a grain of fact in the bits of advice, lonley, sometimes a differenct perspective can help. Every case is individual.

Good luck Hitman

LILY

Hi hitman,

I would suggest sharing your problem, I did and was like a weight being lifted! I suppose it also depends on what sort of person your husband is, I can only say I have had tremendous support [:)]