what happens if the IVA is not accepted

[Adam Davies]

Hi
Your husbands equity is safe.
Creditors can bankrupt you but are more likely to look to put a charging order on your property.I wonder if you should consider a full and final IVA with your 100k equity,this can be agreed and normally a twelve month time scale given to sell the property or remortgage.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[debbiw]

Andy - What is a charging order?

[johnz]

Hi honeybunny

Well done on telling your husband. You will need his support in this, so it's good you told him now.

You really need to speak to a professional about your options. Melanie (on this forum) is a good place to start.

While your husbands equity is safe, you will probably find that his income and expenditure will be taken into account. That's what happened with me, which made it impossible for me to get an IVA even though the entire debt was mine. Melanie went through everything, was extremely supportive and, when it was deemed that an IVA wasn't possible referred me to an excellent DMP company (Brightoak - who also post here).

I do pay Brightoak for their services, but I must say the money is well spent. I will be paying back my debts for the next 10 years or so, but know that I am in good hands. It was my own personal preference to go with them rather than one of the "free" companies.

Do a lot of research, look at what's available to you and above all speak to someone like Melanie before making your decision. After all you'll be living with this decision for a long time, so it needs to be the right one.

Good luck[:)]

Johnz

[Adam Davies]

Hi
A charging order is where a creditor applies for their unsecured loan to be secured against your property,effectively turning it into a secured debt.You would continue to make the normal contractual payments or an agreed,by the creditor, different amount.
Northern Rock are keen on this route as are Amex
regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[cr15py]

Halifax and MBNA were threatening this with me as well, along with attachment of earnings.

[Adam Davies]

Hi
An attachment of earnings order will be decided by a judge so even if they apply for this a judge will take into account your income and expendture,however once agreed your employer is duty bound to deduct this money from your wages and pay it over.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[honeybunny]

Thanks for all your replies.
What if the IVA is refused do you have to pay any fees to the IVA professional?

[debbiw]

I am with Payplan, and I don't have to pay them anything if my IVA is rejected.

[caraf]

I am with Clearstart, and they are on a no win no fee basis. So it is in their own interest to win !!

[honeybunny]

What happens to joint accounts? do they freeze them ?

[debbiw]

I would suggest that you take your name off the account now! Then it is your husbands account. Open a separate account in your name, but not with a bank that you have any debts with. Just open a basic account with no credit facilities

[cr15py]

My IP is on a no-win-no-fee basis as well. That's one of the (many) things that attracted me to them.

[honeybunny]

we have a sole account each & a joint all the direct debits & S/ O are in the joint. If i remove my name from the joint account can all the DD & S/ O stay the same

[debbiw]

Have you any debts with the bank where the joint account is? Or with your account, if so you you will need to open a new account with a bank you don't owe anything to,

[honeybunny]

OK new bank

Not a lot of debt with bank but a credit card with the same bank which will default

How long have you had your IVA Deb?

If you have a holiday booked for next year are you made to cancel it.This was paid not paid for by me.