Only 1 debtor, would they disagree to IVA?

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betty
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by betty » Tue May 09, 2017 6:15 am
Hi, I owe 7500 to lloyds bank loan and 5000 to credit card with same company it's only 1 debtor would they disagree to a iva? I've been told by 1 company to apply for iva and by a different company to do a dmp and they say it will last 21 years. Also if I went down iva route would it affect my husbands credit as I don't want him to know and I think he's after getting a loan for another car next year? Thanks
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Foggy
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by Foggy » Tue May 09, 2017 6:58 am
If you have any joint finances his credit rating could be tainted by association. Do you own your home. or rent ? If you own he will need to sign a restriction on the deeds.
Whether Lloyds will agree or not will be down to the merits of your proposal.
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Michael Peoples
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by Michael Peoples » Tue May 09, 2017 7:57 am
Are you eligible for a debt relief order? An IVA may be acceptable to Lloyds but may not be the best option for you. Speak to a proer insolvency firm or even get some independent advice from the C.A.B.
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Lisa Thomas
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by Lisa Thomas » Tue May 09, 2017 11:37 am
If Lloyds is your only creditor you might be better off trying to do a deal with them direct rather than via a formal IVA. It's a bit like using a sledgehammer to crack a nut...
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