not sure if it all adds up to 15,000 pounds

[Lorna.r]

We have a £13,500 car loan which we have paid 2 years worth so far and have 3 more years to go, I have approx £6000 on my credit cards, but as i have already paid off some of my loan I am not sure if it all adds up to £15,000, my husband also has around £800 on his credit card. Does he get included in the IVA?
Also, an IVA sounds like such an easy way of repaying the debt, it sounds too good to be true. I heard that you are not allowed to have a bank account or get a mortgage when you have an IVA and that you will not be able to get any credit cards even after the debt is paid. Will i have the IVA written permanently in my credit records.

[Oliver]

An IVA is certainly not an easy option as the many posters on this forum will tell you.

If you have more than £15,500 worth of debt an IVA maybe suitable for you but you would have to show that you could not afford the contractual payments after your reasonable living expenses had been paid. As your Partner has a relatively small amount of debt with just one creditor it is unlikely that he would be included in the IVA and if you were to propose an IVA a budget for paying this debt could be included in the joint income and expenditure.

You can and must have a bank account and you could potentially have a mortgage.

Post some more details about your disposable income (your total income less all your reasonable living costs) so we can advise further.

Best Regards
Oliver

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

[mish1953]

Hi Lorna welcome to the forum.

think of it as 'junior bankruptcy' and you will be nearer the mark.

Is they car loan in your name or in you and your husbands name ?

An IVA is individual, if you apply for an IVA its yours not your husbands.