Hi,
I'm hoping that someone / anyone can offer me some advice on what to.
To cut a long story short, I owe approx £9000 on Credit Cards and have a loan for just under £7000, I live in rented accomodation with my Partner and our 2 year old Daughter, I spoke to the CAB and my Partner last year about entering into an IVA (she also has a Bank Loan), she was reluctant to do so, possibly because her mother has been bankrupt before and she didn't want to go down a similar path.
We both have seperate Bank Accounts, so she manages to make her loan payments every month.
I earn £980 per month and from that I pay the Rent (£475), and my loan (£269), when you factor in the cost of running the car etc, it soon adds up and in short I'm not coping. I fear that if I again mention an IVA then my Partner may well leave.
I don't know what to do.. is it possible for only myself to enter into an IVA?
Hi and welcome
Yes it is, your partner would just pay her loan as normal from her share of your disposable income.
Have a chat with several companies/experts and discuss all options.
You could also consider bankruptcy
Regards
It doesn't seem as if you have much disposable income left to be able to offer a sensible level of repayments to creditors in an IVA, without some ongoing support from your partner. Check to see whether she is prepared for some of her disposable income to be used in the IVA if you are left with an insufficient level.
