Had to switch our phone off cos it never stops!!!

[donna.g]

Hello

I'm still fairly new to this site but already its given me so much strength!! My husband is the one looking at entering into the iva however we have a joint mortgage so will effect me as well. He stopped paying the credit cards a few months ago and the phone hasn't stopped ringing (so we have switched it off!) - would you advise telling the cc companies that we are thinking of an iva so we can at least put the phone back on?

Also why do you say to contact a few iva companies? He has contacted one and they have sent us the forms to fill in, surely this is all another company would do as well - or am I missing something?

On the forms they ask for a valuation of our house (at no cost) - where can I get a free valuation?

And finally, they want to know my salary as well, which I guess they need to know as to how the mortgage/bills are split, however the money I have spare each month is paying of my credit card (I've learn't a lesson from my husband!!!) - do they take this into consideration or will they expect this as money free at the emd of the month to go towards his payment?

[MelanieGiles]

Hi donna

Glad to know that the site is of assistance to you.

I would definately tell your husband's creditors that you are considering entering into an IVA - have you appointed an insolvency practitioner yet? You may be better off contacting a practitioner who is actually prepared to talk to or meet your husband, rather than one which just relies on you filling in forms, as you need advice as well at the same time.

Most estate agents will give you a free valutation of your property - and if this is difficult, in my practice we have an arrangement with a national firm of estate agents who will do this for a nominal £50 fee.

Your income will be taken into account, but will firstly be used to pay your own commitments - including your credit card. You should not really be asked to contribute anything to your husband's IVA, but I am seeing this being requested more and more by creditors - unfair, but then they have the voting power.

Hope this helps you to make a decision - and read my blog for advice on choosing an advisor.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[donna.g]

We have only spoken to Debt Lifeboat (and yesterday received their forms) They have said to call them at anytime if we need help or advice to fill the forms in? The reason I chose them was because of other people on this site saying how good they were. Do you think we should contact any others and is there anyone who you would recommend?

[Sensible77]

The lady above comes highly recommended! I chose PayPlan for my IVA, who are very good, but if I had known about this site beforehand, I would probably have used Melanie Giles.

[Adam Davies]

Hi Donna
The companies that post on this sie are all very good and you may want to take a look at iva.com as they have feedback about most IVA providers.
It pays to speak to several companies as you will be dealing very closely with them for five years so it pays to do some homework.
Ensure that your husbands disposible income is correct and that it is not changed by the IVA provider to "fit"an IVA.Also please make sure that you fully understand the fourth year equity release clause that will almost certainly form part of your IVA.
As a matter of interest has this been discussed with you or your husband ?

Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[donna.g]

I mentioned this to Debt lifeboat - we have re-mortgated several times and I very much doubt we would be able to re-mortgate again - would this be a negative point in my husband getting an iva

I will certainly be looking at your site Melanie!

[donna.g]

You mention disposable income - my husband is Self -employed in the building industry and his income is very varied from month to month - do they take an average over a few years/moths etc? How is this all worked out?

[MelanieGiles]

Even more reason that you should select an insolvency practitioner who will meet your husband personally (this is a statutory requirement) to discuss his case. This is really important, as you are going to be in this arrangement for five years, and you need to trust the person acting for you.

When I am dealing with self-employed clients, we look at the historical accounts, and help clients to put together forward trading projections- usually in conjuntion with your own accountant if you have one. I also include a little more flexibility into the IVA proposal itself - and offer a three month payment window for contributions each quarter for all self-employed clients, which should take into account seasonal peaks and troughs, and this seems to work quite well.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[donna.g]

I'm really glad I decided to ask a few more questions!!! Debtlifeboat didn't say that this is statutory at all.

Already I feel that we made the wrong choice with the advice you have given me today. I have just had a quick look at your site and will tell my husband tonight - do we meet with you? and do we come to you? how does it work?

[MelanieGiles]

Hi Donna

Whichever IP you choose to use, they ought to arrange to meet you at a mutually convenient place and time to suit your circumstances. This is usually held at the IP's own offices, but can be arranged for elsewhere if this is a problem.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[donna.g]

Another question - if I receive a windfall within the 5 yrs does this get taken into consideration for my husbands iva?

[MelanieGiles]

No - your windfalls are you own - but if you were lucky enough to get one, you might want to give some of the money to your hubby to clear off his IVA!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[donna.g]

Many thanks for all your answers today Melanie - I'm sure you will be hearing from me and my husband within the next couple of days!

[donna.g]

Hi Melanie

We are collating info for my husbands earnings so we have a figure to give your company when we call, can you tell me how far back we need to look?

[MelanieGiles]

I generally like to see the last three years filed accounts, with draft figures to the latest year end, and trading projections for the next twelve months - but don't worry, my colleage Tina will take you through all of this if you call.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk