£20000 to various credit card companies & a personal loan. Is IVA right for me?

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Lynn.7
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by Lynn.7 » Sun Jun 11, 2017 8:50 pm
I owe £20000 to various credit card companies and a personal loan through having 2 really bad accidents and being unable to work for a year. My husband doesn't know about my debts and I can't tell him as he thinks we don't owe anything and he'd be mortified. I have a motability car and he drives an old car worth around £300, we rent our home and have no assets, would i be eligible for an iva ? I couldnt tell my husband though.
Thank you
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kallis3
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by kallis3 » Sun Jun 11, 2017 8:56 pm
I'm a little confused Lynn as your previous posts say you are already in an IVA?
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Foggy
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by Foggy » Mon Jun 12, 2017 7:06 am
Is this new debt after the previous IVA ? Have a word with CAB, maybe a DRO would be suitable.
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Michael Peoples
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by Michael Peoples » Mon Jun 12, 2017 8:58 am
A DRO or bankruptcy may be appropriate and you could consider an IVA. However I would always advise informing your spouse as it is a lot to carry alone.
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Lisa Thomas
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by Lisa Thomas » Mon Jun 12, 2017 9:02 am
Bankruptcy may be more suitable depending on your circumstances/assets etc.

https://www.youtube.com/watch?v=mAkQsVS ... SY&index=2

If you are already in an IVA Bankruptcy may still be preferable however consider:

Credit rating affected for 6 years form start (so you may add to the existing damage if you have already started an IVA)
You may have to pay contributions for 3 years into your Bankruptcy estate (So may not reduce the term depending on how far into your IVA you are)
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kallis3
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by kallis3 » Mon Jun 12, 2017 9:19 am
I agree with Michael that you should inform your spouse. Your credit rating will again be shot for six years and you will probably have to make payments for 3 years if you go BR. As regards a DRO - do you have more than £50 per month disposable income? If so it will not be for you.
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