www.iva.co.uk

I asked a question the other day but don't think I gave an accurate picture of situation. I have 50k card debts in my name only. My wife has separate finances but we have joint mortgage. I have 1k per month (not actually disposable)to pay all cards but this is not enough. Can I do IVA for myself before I have to default due to funds.

Have you spoken to any professionals Terry?

It would be advisable to and you can get some case specific advice. Try www.iva.com as a starting point and ring 2 or 3 companies.

Hi Terry, it is hard to give a defninitive yes or no without knowing more facts about your situation.

You do not have to default before you can do an IVA - most clients have been doing a brilliant job in maintaining payments but at the expense of robbing peter to pay paul.

As Lesley suggests, give one or two of the companies on here a call to have a chat in more detail and we can advise you on what options you have.

Regards,

Hi Terry,welcome to the forum. How much equity do you have in the property if any? Does the wife know about the debts??

Paul

It is reasonable to assume that if your wife is not insolvent but you are then an IVA for you alone could certainly be considered, and as such you should take professional advice before you make your next move.

Visit www.iva.com and then go from there.

Regards.

If you cannot maintain the payments without your debts going up each month you should stop paying anyway. £1,000 is certainly not enough to service £50k so unless you seek professional advice you will be £55-60k in debt very soon and have nothing to show for it. Your situation is not uncommon so get some free advice from an insolvency firm.

I owed a similar amount, and was paying out over £1000 per month when I realised that I was in trouble. I applied for and was granted an IVA although I had not missed a payment before starting the process

How much disposable income do you feel that you could comfortably set aside to meet the claims of creditors Terry?

MelanieGiles wrote:

How much disposable income do you feel that you could comfortably set aside to meet the claims of creditors Terry?

Thank you for your reply. I feel I can pay 1k per month but this will depend on mortgage interest rates. I have income from other work but it is only servicing the debt. A couple of loans are due to finish (March 2011 and March 2012) so there is a bit light! I am happy to call direct or fill out your inquiry form on line. Regards Terry

plasticdaft wrote:

Hi Terry,welcome to the forum. How much equity do you have in the property if any? Does the wife know about the debts??

Paul

Thank you Paul, approx 100k in property and yes my wife does know but most of this is down to me. Having said that I had to draw a lot of money to finish building work on the house due to a builder letting me down so it's not as if we have just been living the high life on credit.The irony being that I cannot re mortgage to clear the debt due to debt, although I have never defaulted.

I'd be happy to try and help you fairly assess your current financial situation Terry. It sounds to me as if you are a candidate for some financial restructuring rather than formal insolvency proceedings - but we can help with both if you need some support.

Thats a great offer from Mel Terry and one you should take up. Let us know how things go.

Paul