Hi, Been to CAB today

[Kellie.76]

Hi, Been to CAB today who said as OH is not working can only do token payments but when he's back in work they would recommend a IVA.

Owe £52000 - he suggested a repayment of £400 per month at 40p on the £.

What he didn't mention and I am picking up on is the 6 year/remortgage thing - is this compulsary as we do have some equity in the house (approx. £17k - can't remortgage as more than 85%) but hopefully that would be more in 5 years time and wouldn't want a shock we weren't expecting.

Working it out at 40p on the £ means we would repay approx £21k - I have a family member who will lend some and a car that I could sell and get this amount together in one go - I have heard of people doing this as a one off IVA but would that then be the end of it? as we could presumably do this even with OH not working rather than waiting in limbo.

I can cover the mortgage and council tax/utilities out of just my wages but none of the credit card/loan payments so if they were gone we would be ok until he gets a new job (no sign in the last 15 months though!)

Any help/advice would be great, thanks

[Michael Peoples]

Hi Kellie and welcome to the Forum.
What you are suggesting seems perfectly acceptable and you should contact an IP firm for some free advice. There appears to be no reason why creditors would accept such an offer.

[kallis3]

I think Michael means that there is no reason why they won't accept such an offer! I hope so anyway! Unless I've misunderstood of course![:)]

I would suggest that you take some professional advice. Visit www.iva.com for a list of companies and reviews and give one or two a ring for free and impartial advice.

[Michael Peoples]

Too right Jan. Sorry I probably scared Kellie by leaving out the 'not' accept.

Well spotted.

[kallis3]

We all have problems with the fingers on the keyboard Michael!

[Kellie.76]

Thanks for that - just need to do something before we start missing payments as running out of things to sell on ebay to cover them!

Someone said that we can't do a joint IVA though as the debts are in separate names (mainly credit cards) but the mortgage is joint?

Also, if we do the one off payment is that the end of it or can they come back in a few years and ask for more?

thanks

[Adam Davies]

Hi
You can propose two IVAs that are interlocking and based on joint income and expenditure and paid with one payment,
Once a one of full and final is agreed, paid and completed all creditors are bound and the debts are settled in full
Regards

[Kellie.76]

Thanks Andy - feeling a bit more hopeful now - might actually sleep tonight!

and thanks to Kallis and Michael as well

off to bury my head in the sand for one more weekend then start sorting things out Monday![:D]

[MelanieGiles]

I would definately encourage you to look at a lump sum based IVA if you have relatives who could help. This means that the IVA could be open and shut within a year, although you would clearly need to repay the loan.