1. As they are already incorporated into my IVA, what are the issues for our joint debts if she went for her own IVA?
2. What would be the chances/issues of a joint IVA for all of our separate and joint debts bearing in mind I'm already in an IVA (albeit a failing one!)?
Have got more questions bubbling under, but if someone could give me the low-down on these two issues first, I'd be so grateful.
I would have a chat with your IP maybe or your wife can contact an IP of her choice, maybe take a look at www.iva.com for a list of companies and some reviews of these.
Is bankruptcy an option if you're both struggling due to a reduction in income?
Your wife should seek some advice because as Darkdog says there are no joint IVAs. She could propose one in her own right and hopefully your own IVA can continuw albeit in a varied form.
Could I ask, should my variation request be rejected, I believe the creditors can go for 'second resolution'. Can anyone confirm what this is?
Also, if it fails and my wife decides to propose an IVA for her debts, can mine be re-proposed to inerlink with hers as everything will be based on our household income, I presume?
Hopefully your variation will be approved and your wife can then propose her own.
Another question, if that's ok?
We have negative equity in our property, therefore, would this influence the creditors decision on my variation request? ie If they fail it and try to make me bankrupt what would be the point? Wouldn't that be biting their nose off to spite the face because there would be nothing for them to recoup...whereas, the IVA will give them a return, won't it?
Also, if it does fail, could reproposals be done to take account of current circumstances and the fact that my wife, whom we've been trying to shield from 'bad credit history', will be submitting her own IVA proposal?
Thanks, all. Wish I'd found this site when I started! seemed to be on my own with only my barking creditors for company whilst the 13 month pre-proposal negotiations with NRock were going on!
Your variation should include an allowance for your wife to pay her credit commitments and if creditors accept the variation your wife's IVA would be drafted on such a basis. It is important to show creditors a full domestic I&E and if creditors reject your variation she can still proceed with an IVA on her own whilst your surplus would be dealt with by the Official Receiver should you decide to petition.
Hopefully your variation will be approved tomorrow and your wife can then have her own proposal drafted and accepted.
You mention the bankruptsy option might be one for me to consider. My only concern about this is moving out! Are there ever any circumstances where the house would not have to be sold? eg we have negative equity, as already stated, and we have an 18-month old child, etc - or would they just give us longer living there before making us sell in order to build up some equity?
Sorry to go on!!
No one can come back in the future and put you out once this interest has been bought so you have little to fear from bankrupcty.
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