I have approximately £40,000 debt of which my partner only knows half of this. We have a joint bank account of which the joint mortgage £782 goes out of plus a joint bank loan of £542 monthly. There are several credit cards; 2 of which are in joint names. We bring home approx £2,500 a month between us. It has happened because we both live at opposite ends of the country having sold an earlier property but I am struggling to find a job in the North. The finacial impact of living at two ends of the country have been massive & I can't continue to meet the payments anymore. We both rely on cars for our jobs which is costing a fortune too. I have heard about the IVA but don't want to lose the house or involve my partner having a bad credit score as I know I will. Any advice would be gratefully appreciated.
I am afraid that any debt solution is bound to affect your partner, if you have joint assets and joint debts.
Surely your partner would want to help you to get your debts under control? And whilst you may not be looking forward to disclosing the full extent of your debts, this may make more sense in the long run as you will need their support if you are to enter into a repayment plan with your creditors.
I would recommend that you take some professional advice from an insolvency practitioner in the first instance, who can help you to analyse your situation and suggest solutions. Your partner would probably rather know about the effects and implications of these when you discuss your plans with them.
Hi Sandra welcome to the forum from myself too. Why not take a look at www.iva.com for a list of companies and some reviews of these. You can get case specific advice on all debt solutions via these companies and find a way forward for yourself. Our professionals who post on the forum also come highly recommended and can be contacted via the experts link.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
