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Hi Melaine
best of the day to you

need advice, my ip just told me my iva was rejected but my wife’s iva was accepted. below are the details of my iva and my wife’s

mine:
Total debt : £75,025
monthly contributions: £551 X 48 months plus equity release in year 5 of £7000

wife
Total debt: £30,849
monthly contributions: £291 X 48 months plus equity release in year 5 of £4000

i have been advised by my IP to either file for bankruptcy or go for debt management, can you please advice on what to do, is it possible to change IP’s as you have been highly recommended by a trusted friend.

Hi albert,
Melanie is having a well deserved holiday,i think she will be back on board monday
Im sure one of the other experts will give you the advice that you need.
Goodluck.

Hi Albert - I am now back on board!

Are you saying that your IP has put forward two separate proposals for each of you, rather than mutual and interlocking proposals where you pay one payment jointly and all creditors get an equal distribution?

I so - has your wife agreed to go it alone?

In your case, the proposal should have run for five years with also an equity release. This would have given a return of approximately 40p in the £ which should have been acceptable. Which creditors rejected the proposals, and which IP firm are you using? What reasons has your IP given for the proposals being rejected, and do you have any debts with Northern Rock, MBNA or Black Horse?

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