I have credit card debts of £14000 approx. and my husband owes £5000 on cards and around £4000 elsewhere. At the moment, we just get by, with all his monthly wage being paid out and after paying debts out of mine, our family is left with £300 for living expenses per month. Could we lump our debts together to both qualify for IVA's-in other words, would our joint situation be considered or would we have to apply individually?
Hi and welcome
No you can look at a joint application.
Although there is no such thing as joint IVAs it is very common to have interlocking IVAS paid with one joint monthly payment.
Regards
How much disposable income do you feel you would be left with at the end of the month to offer to creditors through IVAs, once you have provided for all living and personal costs?
Hi Sets.
It would be worth speaking to an Insolvency Practitioner as although you cannot do a joint IVA you can do interlocking IVAs where the family income and debts are taken together. This may sound like the same thing and in reality it is, as each IVA is reliant on the other. So if one fails, they both fail.
There are other issues you would need to discuss with an IP to determine the suitability of IVAs such as the equity in your property and how your incomes are divided. If for example your husband earns five times what you earn but has lower debts, he may not be suitable for an IVA as he could afford to maintain the payments to his creditors. In such a case bankruptcy or debt management would be appropriate for you.
Contact an IP for advice and no doubt your questions and queries can be addressed quickly. There is no point trying to struggle on if your debts are increasing month on month and your family are suffering while trying to maintain even the minimum payments.
