worried my supervisor may bankrupt me.

[lyndatony]

i have been struggling with iva for last 2 years. the iva was based on £400 available after bills mortgage etc and was based on my partners income as well. what has not been included is my wifes expenditure ie personal loan bank loan etc the actual amount available would have only been about £150 i paid an adviser £2000 to have this so called affordable payment scheme has it been missold what can i do. i am worried my supervisor may bankrupt me.

[MelanieGiles]

Hi lynandtony and welcome to the forum

Did you tell the advisor about your wife's creditor commitments? If so, why did you sign and agree to an IVA which did not provide for these to be paid out of her surplus income? How did you believe that you would be able to afford the payments, and more to the point how have you been affording them. You may have had bad advice, but at the end of the day you signed the agreement!

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

[Skippy]

Hi Lyndatony and welcome to the forum. I'm sorry to hear that you are struggling, and I can sympathise having been in a similar situation. When you say you paid £2000 was that a set up fee? Have you spoken to your IP about your situation?

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[lyndatony]

hi skippy and melanie, thanks for replying. i paid the advisor to sort out the mess i had got into. he went through our details asked for my info and partners income etc. it was a bad time with all the bills and demands, head was in a spin and just wanted it to stop. i suppose i assumed for £2000 he would have checked the sums, i was under the impression it was my personal iva so didnt think much about wifes details. im not good with sums and such thats how i got in this mess to start with over 25 years i relied on lloyds to deal with my finances and kept taking their new products to "save me money" until the bubble burst and the computer said no, followed quickly by loads of charges. in answer to melanies question how weve afforded it i took a full time job just after the iva was set up and was lucky to have lots of o/time we had clothing allowance and shopping allowance etc but not used it all and our kids have helped although im a month plus charges behind on the mortgage and behind on the counciltax. when i took the iva i had to remortgage the house then they got my wife to buy the equity for 5000 which went into the iva does that mean my wife owns any equity now? if not what was the money for? i have spoken to my supervisor and i have just sent my yearly accounts for review he said he will look into it (fingers crossed) i still have to find 15000 to finish the payments (3 years left) but my disposeable income is now only about 140 per month. sorry for length of reply but its nice to be able to talk.
thanks again to you both
tony

[MelanieGiles]

Hi Tony

If you wife has paid money over in lieu of your equity in your property, then legally she can claim to own it outright. It may be better at this stage to consider bankruptcy proceedings as a way of getting out of this debt for good, as payments of £140 will render an IVA unworkable.

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

[lyndatony]

thanks for the advice melanie you are an angel.
i should hear from my ip soon, maybe he will petition for my bankruptcy anyway which i belive saves me some money. what becomes of the money from my wifes incorrect expenditure by my estimation (probably not that acurate given my track record lol) about 5000 is the total of her outgoings that were not included.
thanks again for your time
tony

[MelanieGiles]

As your wife is not party to your IVA - apart from apparently contributing to it in some shape or form, she will need to continue to pay for her outgoings as she moves forward. Not sure what you mean about the £5,000 you refer to as presumably you have managed to pay this between you somehow?

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

[lyndatony]

well the total of her expenditure would have been at least 5000 she has a personal loan plus car loan none of which were accounted for in the iva
tony

[MelanieGiles]

But presumably she has been paying towards them? Or are you saying that she has had to take out the loans to be able to afford her missing expenditure. If this is the case, you have to take it on the chin for not noticing this when you signed up to the IVA. Did your wife also read the documents before they were signed?

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