Please can you help?.

[Lizzi]

Please can you help?.I have £5000 on my Lloyds Tsb credit card,£1.300 on my Amex card .My partner £11000 on his Tsb credit card,£19,000 on a unsecured Tsb loan and £5500 on his Amex card.
My payments on my cards are up to date,however we have got behind with payments on my partners cards.I receive incapacity benefit and will reach pension age next summer,my partner is in full employment.If we apply for IVA,do I have to declare my cards and is my Incapacity benefit taken as income.We have a joint bank account.Hope someone can advise us.Thank you.

[lily]

Do you own your own home?? Do you have any equyity in the house, its just possible that you could do a full and fianl IVA.

Whats the total of your unsecured debts and what is the equity?



lily

[Lizzi]

Hi Lily, the property is rented so no equity I am afraid.Total unsecured debt is £36,000 Lizzi

[kpw]

Hi. In any debt solution IVA or DMP you have to include all your unsecured debts. From what you sat you both have 2 creditors so an IVA would not be approved and your age may also be against you. Your incapacity benefit would be included in assessing your income. It may be advisable to look at a DMP and see what disposable income you have that can be offered to creditors.

[MelanieGiles]

An IVA would possibly work for your partner but not for you as your debts are too low. If your partner was minded to propose an IVA, your income would need to be declared, but you will need to be left with sufficient income to offer a repayment plan to your own creditors.

I suggest that you seek advice from an insolvency practitioner who will be able to look at your financial situation in greater detail.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[lily]

-There is also the option of bankruptcy, if you have no assets to protect. I know its sounds scary and it is daunthing but you would be free of the debts.

I am sure you have worked hard all of your lives and deserve a bit of relief from all of this.

I wish you both the very very best.

lily

[Lizzi]

Thank you for all the advice,we will have to take a long hard look at our situation and make a decision asap,thanks again everyone. Lizzi

[lily]

Hi Lizzi

There are bloggs on the site, they consist of IVA's and Bankruptcy experiences. It will give you a feel for what both proceedures involve. (the menu at the top of the page)

Good luck and let us know how you are getting on.

lily