Have joint Iva pay 110 per month. Wife has multi myeloma and receives max attendance allowance of 360 a month. Review of Iva due may 21 end of second year. All parts up to date and have informed Iva peeps of ATA. However they not said back 2/3 months if this be taken into acc 4 payts. Only asked if we could continue to pay which we can. Will at review they take this into account? I rent, no assets. Is bankruptcy better choice if they do take into account. Iva is joint with wife. Debts 10000. 3000 wife 7000 me. My wife has two credit cards live no balances total 1k limit. Could this be used towards bankruptcy fee. Wife has multi myeloma no cure just remission of various time frames. Least 2 years some go for 10 plus. Any thoughts be gratefully received thanks David.
Sorry to hear of your wife's health problems. Your IVA will either be two separate ones or interlocking as there is no such thing as a joint IVA.
Your wife should not have any credit cards at all - these should have been closed when you took out the IVA. Was your IP company aware of these cards? I don't think you would be able to use them for bankruptcy fees.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Usually attendance allowance is counted as income, but often then cancelled out in allowed expenses which is is designed to cover. But, this will need to be discussed with your own IP.
To be honest an IVA for your level of debt is a sledgehammer to crack a nut ! BR would be an even bigger sledgehammer for the same nut !
As Kallis says those credit cards should be cancelled --- you cannot use them to fund BR. Indeed, if you tried to use them you might find them blocked anyway.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
