I have credit card debts of £50,000

[terry.rt]

I have credit card debts of £50,000 in my name only. I can pay back up to £1000 per month. I have a joint house mortgage with my wife. Can I enter into IVA without it affecting my wife's finances.

[Adam Davies]

Hi and welcome
You need to talk to several experts and companies and go through your income and expenditure details.If your disposable income really is 1000 per month then an IVA will not be suitable. If however it is in reality less then you can look at an IVA just for yourself and your wife should be unaffected.
You may have to release some of your equity in the final year of an IVA.
You could also consider a debt management plan instead of the formal IVA
Regards

[Michael Peoples]

Your wife would have to be informed of the IVA and the IP would need evidence of her income so it would be impossible to keep her in the dark. However as the others say she should not be penalised.

[Tina Shortland]

Hi Terry, welcome to the forum.

In order to present the best case for you, if an IVA is viable, an IP would need to be able to demonstrate you are doing everything you can to help with your debts and therefore we need to understand the whole picture.

Depending on how the debts have accumalated, some creditors may ask for some of your wife's disposable income to be put towards the IVA (if they believe she has benefitted from the debts in anyway).

the best thing is for you to discuss your situation fully with a couple of companies so we cna go over everything with you and explain your options and the implications of each.

Does your wife know about your debts?

Regards,

[Andrew Graveson]

Hi terry.rt,

If your disposable income is £1000 per month an IVA simply doesn't seem appropriate provided your creditors offer some support in terms of reduced monthly payments and freezing/reducing interest.

You might be able to negotiate this yourself with the lenders or you could choose to use a debt management company to handle it for you.