IVA for him, a different debt solution for me?

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HopeAnn
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by HopeAnn » Thu May 24, 2018 1:50 pm
Hi, I'm Hope, and I've been reading stuff on this forum for days to help get ready for our appt! It is so encouraging to see people talking openly about dealing with debt, and not being ashamed of it.

We went into our phone appt with StepChange this morning thinking we would be getting a joint IVA. But after she went over the numbers with us, she said that since the income is mostly in my name, but the debt is mostly in his name, my creditors wouldn't agree to an IVA. So instead, my details are being sent back to StepChange and they'll help me with another debt solution, and the IP will have another phone meeting with Husband to help prepare his solo IVA.

We have joint debts that are about 7% of the total, and she was kind of vague about how that was going to be handled. I would assume that if these are the 'joint and severally liable' sort of thing, that they'll get it off of me if they find they aren't able to get much from Husband's IVA?

It was a long and exhausting phone call, and it's a bit demoralizing that it feels like we aren't really moving forward on anything. But on the other hand, it does sound like one of us will have improved credit a lot sooner than we thought, which is a nice thought.
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kallis3
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by kallis3 » Thu May 24, 2018 2:22 pm
Hi,

You won't get a joint iva - they will be interlocking. You can also speak to another company to see if they can help.
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Foggy
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by Foggy » Thu May 24, 2018 2:49 pm
You are correct in that the joint debts will fall squarely on your shoulders if he goes into an IVA and you do not --- worrying that they should be so vague about giving you the bad news.

I would suggest that you have a chat with a few more firms before making up your minds.
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HopeAnn
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by HopeAnn » Thu May 24, 2018 5:21 pm
Looking back on the phone call, it may have been less her being vague and more 'This appointment is running over, I need to wrap it up and schedule another one'. I just read the case studies on the left sidebar for married couples, and I think I understand better what she was saying about our income and debt disparities.

I want to talk to more IPs, but Husband doesn't - he doesn't want the delay, and we've worked with StepChange for a while, so he trusts them.
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Foggy
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by Foggy » Thu May 24, 2018 5:49 pm
HopeAnn wrote:
Looking back on the phone call, it may have been less her being vague and more 'This appointment is running over, I need to wrap it up and schedule another one'. I just read the case studies on the left sidebar for married couples, and I think I understand better what she was saying about our income and debt disparities.

I want to talk to more IPs, but Husband doesn't - he doesn't want the delay, and we've worked with StepChange for a while, so he trusts them.


They do run an IVA reasonably well, though can be a little pushy at the start. Hopefully they will keep him "in house", as they do have a habit of farming applications out to other firms.
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Lisa Thomas
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by Lisa Thomas » Fri May 25, 2018 8:19 am
If your husband's IVA is approved you need to have a plan to deal with the full amount of joint debts (as they can look to you for full repayment) plus your sole debts.
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