my partner already has an IVA

[l_h]

I am struggling with my debt at the moment and looking into an IVA, my partner already has an IVA, is their anything we can do together? thank you

[iva experts]

Hello,

Unfortunately an IVA (Individual Voluntary Arrangement) is as its name states Individual. There is such thing as a joint proposal (e.g. Mr and Mrs), but even in these cases creditors will still vote separately.

What is your estimated amount of debt? And who are your creditors? This may shed some light as to whether an IVA is the best option for you.

Best Regards. IVA Experts

[l_h]

my estimated debt is £27000 and I have 3 creditors, natwest (2) and marks and spencers.

[Skippy]

Hi lh, I don't think you will be able to propose an IVA as in effect you only have 2 creditors and you really need 4 or more to make an IVA feasible. You could consider a DMP, but depending on your level of disposable income and whether or not you can get the creditors to freeze the interest this could take a long time to repay. Do you have any assets that would be in danger in bankruptcy such as property?

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[l_h]

no not really, we are renting at the moment.i've got a car, that's all, which i'm paying back through by loan. valued at about £3000.

[Oliver]

You could possibly propose an IVA. The best place to start is by contacting the IP that is conducting your Wife's IVA and talking with them about the possibility.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[MelanieGiles]

But you cannot now hook up into that existing IVA to effectively make a joint one, and from my experience I do not feel that Nat West will accept an IVA with only two creditors.

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

[l_h]

thank you thomas and melanie, i'm not actually married. my boyfriend has had his iva for about 10months, i've considered bankruptcy is that an option?

[Oliver]

Yes it absolutely is along with an informal plan.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[l_h]

thank you oliver, this is all brand new to me, what is my next step? how do I go about organising an informal plan?

[Oliver]

No problem L_H.

There are various ways to do this. You first need to work out exactly how much you can afford to offer your creditors each month. You can then contact your creditors yourself and make them an offer to pay an affordable amount. Alternatively you can contact a company to do this on your behalf but you are likely to have to pay a set up fee for this and a monthly payment for organising this for you.

I would still contact the IP who is servicing your Partner's IVA to see if they feel they can help you agree an IVA. At the same time you can also consider Bankruptcy. A good rule of thumb is to work out the amount of debt you have and divide this by your monthly affordable disposable income. If this figure is greater than 60 (5 years) an informal plan may not be the option for you as it will take so long to pay the money back.

What an informal plan might give you though is some breathing space to investigate your options further.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp