where do we start?

[sdb]

hi
we are couple aged 47 &49with debt for £55-£60K over 15 creditor we live in rented accomodation and it has become more difficult to meet the payments where do we start?

[MelanieGiles]

Hi sdb and welcome to the forum

I am assuming that you are considering proposing an IVA to your creditors. As you are living in rented accomodation, so I assume that you have no assets of material value, have you also considered bankruptcy proceedings or a debt management programme?

In the event that you feel an IVA is the right solution, you need to firstly calulate your disposable income by taking your joint salaries and deducting all essential household expenduture such as rent, utilities, housekeeping, clothing, car expenses and anything else which you regularly pay. Also provide for contingencies such as car and house maintenance, medical expenses and sundry items. Do not include any debt repayments. I have a form on my website which you may find useful to assist with this calculation.

To make an IVA viable, given your level of debt, you would need to have at least £400 per month available - and potentially more if you have debts with HSBC or Northern Rock.

Once this is determined, you need to appoint an insolvency practitioner of your choice to represent you. I have some tips on my blog for choosing an advisor which you may find useful.

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

[hallway]

your ages and debt levals are identical to mine and my husbands, my iva was approved last month,it was to be a joint one but they decided not enough of the debt was in my husbands name so it is soley in mine ihave to pay £520 for first 8months, then £590 till month 36,then £694 till end an approx payment after fees of 43p in the pound, the rises are because as my husbands debt commitments end the money can go into iva ,this may seem a lot but i was struggling to pay £1,700 month in minimum payments, just living off cards,so while it will be a hard 5yrs there is light at the end of the tuunnel and the reief is unbelievable, so good luck and dont despair

[sdb]

hi
me again do we apply jointly?
sue

[MelanieGiles]

Hi Sue

Your insolvency practitioner will guide you on that point, so just provide them with all of your information at this stage. If you can afford to do the IVA's completely separately then this is the correct way forward, but most couples do joint and interlocking ones to be honest, so I suspect that is the way it will be likely to go.

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

[aguise]

HI Sue there is no such thing as a joint iva but two can be run along side each other putting expenditure and income as one and having one payment. I have one like this with my husband and it is working well. As Melanie suggested have a look at the form on her website to help you work out disposable income etc. Just to add we were in near enough he same level of debt and ages, obvously income may be different and we pay a £442 and we had 17 creditors osme joint some not.

Hope that helps

Ang

[aguise]

Sorry Melanie not repeating, slow ang again.
Ang

[sdb]

my husband is so worried about this he can't sleep and i fear for his health

[aguise]

Dear Sue ask all the questions you can think of make a few phone calls you are not comitting to anything by just enquiring but I seriously would try Melanie or some of the companys that post on this site. Money is not worth your hubbys health, the best way I have found with anything is to hit it head on worrying does no good to anyone, there is a solution, there is light at the end of the tunnel you have already started to make your way there by posting on this forum.

Ang

[sdb]

how long does it take/

[sdb]

as we are finding it difficult to keep up the payments we have not missed any yet but that is getting close

[MelanieGiles]

Hi sdb

If you are able to produce all of the information required by your IP within say 7 days, there should be no reason why your case cannot be completed within one month.

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

[sdb]

i have filled in your first form

[sdb]

and i have all the info on all our debts ready

[sdb]

do we carry on paying them all until it is agreed?