www.iva.co.uk

I am married, but entering an iva will not be possible for me, as i work within the debt collection industry and i am not allowed to have debts registered with my employer, which would happen if i entered into an iva.

The majority of our debts are in my husbands name, can he enter into an iva and not me?

We also own our own property, which we have a secured loan on, there is a little equity, but our debts exceed what we could borrow on, if we was to enter into an iva and not me how would this effect us??

also i am concerned as in an effort to help Hubby recently took out a loan, would he still be able to enter an iva if got credit about 3 months ago???

any advice would be appreciated

Hi Jem and welcome to the forum, i wold def say that it would be best for your husband to take out an IVA but it all depends on the amount abd who the creditors are... if you can detail that then it would be great... as for the 3 months loan they do usually like loans that are i believe more than a year (i think)as i was warned of this as m major creditor was oly a few months but mine was accepted with no problems so it is possible

Hi jem

There is no problem in just your husband taking out an IVA in his own right, but do remember that you will only be able to service your debts from your remaining disposable income, as your husband's creditors will not allow any money they are entitled to receive paid towards your debts.

The recent loan could be a problem. Who was is taken out from and what percentage of the overall claims does it represent?

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

ok.. where do i start

i should be able to met my credit requirements with my earnings. I owe £5k MBNA and £2k Barclaycard and £4k Egg and about £2k over store cards. should not be an issue. Totals £250 per month in re-payments

Hubby has £18k loan with Egg, £13k Abbey MBNA Credit card and £6k MBNA credit card and £5k loan with Halifax

Loan went to pay off an overdraft and towards his credit cards

Loan with Halifax was recent.

Also any info on how would this effect mortgage?? Would an IVA effect his equity only or the whole equity??

any help would be much appreciated


jemjem

Hi again

Your husband's IVA would only affect his share of the equity. What is the current value of your house and the outstanding mortgage? And how much do you think that your husband would be able to pay each month to his 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

Not sure with out doing some figures - but i would think £250 - £350 ??

3 bedrooms in my area are up for £220k, but thats an estate agent valuation - i only have a 2 bed - so i would think maybe £200k - Mortgage £139 aprx and a secured loan of £38k - can't re-mortgage due to outgoings at present as tried to inculde secured loan to mortgage (no extra borrowing) as would mean a saving each month, which we could then pass on to our creditors.

Do IVA's still allow you to pay into a pension plan and your ISA/Edowement towards your mortgage??

what's you opionion on the loan form pervious mail?



Jem

Hi Jem

From my personal experience I do not feel that the frequency of the Halifax loan is necessarily a problem, however they will cast their vote as they feel appropriate if you decide to proceed with an IVA.

The figures you have confirmed would indicate that an IVA is an option for your husband, and he should now seek more specific advice if he wishes to consider all of the options available to him further.

Good luck to both of you!

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