My husband is self employed and we are going through financial crisis at the present where we don’t have enough income to pay the bills and we are getting behind paying
We are both working full time
All the debt is in name he has tried looking into a IVA but a few years ago he was a guarantor for our son
And was told by a company that would have to go into the Iva
But our son would not be able to get a loan to pay the outstanding to which he owes, he has never missed a payment
So everything is all on hold
Please could you advise
Your son's loan would have to be included as a contingent ( not active) creditor in the IVA ... so would only actually fall into the IVA if your son defaulted. However, this would effectively remove your husband as guarantor, so the lender will likely recall the loan and want it paid in full right away, by your son.
I would suggest having a chat with Stepchange about the possibility of a Debt Management Plan in the sort term. Check with them about the guarantor aspect, but, as you are not declaring yourselves insolvent the lender might not even be made aware .... but do check. This could give you a period of reduced payments while your son's loan is in force --- then you can revisit an IVA in the future.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk