Just about to enter in to the third year of my own personal IVA , no problems so far .
We are however struggling with my wife’s debt , she is disabled and gets pip and uses the mobility component for a mobility car. Her only other income is carers allowence she gets for my son who has learning disabilities.
Her debts are about 8-9K across 4 credit card companies . We have tried our hardest to keep on top of them and get them paid off but it’s prooving impossible, particularly since the minimum payments increased recently under the new legislation. So my question is what are the ins and outs of het having her own IVA .?
Thanks for any pointers
She will need a disposable income of her own of at least £80 (more for some firms) to support an IVA. Alternatively a DMP might be worth looking at --- best to have a chat with an IP or two to discuss figures in detail.
If you are not homeowners a Debt Relief Order might also be an option with a disposable income below £50.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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