www.iva.co.uk

Good Morning,

I have been researching an IVA for some time and deciding between this and bankruptcy but CCCS has advised IVA is the route to go. however my husband is not convinced. i am trying to get enough information so i can take to him. i have sourced most information but my biggest query is to do with expenditure (ill try be brief)

we are only going to do the IVA in my husband name as i only have debt of £4000 i am not on joint debt of any of his (except mortgage)

he earns much more than me £2300 per month compared to my £1000 so we have always seperated bills.

he pays for the majority (mortgage, car, utilities, phone, child maintence etc) i pay for insurances (car/house) my credit bills which leaves £400.00 (which we use for food & to live on) we have put reduced amounts for food etc on my husband SOA to compensate for the fact that i use some of my wage for this.

however my concern is as i only have £400.00 extra and we have put limited amounts on his SOA will the lenders come back and demand that his outgoings are reduced and that i contribute more?
because if they did then we wouldnt have enough money to live and an IVA may not be the option that we should be looking at

How do they see a partner income and contributions if i am still contributing in other ways to the household?
thanks

Hi - if your husband engages an IP it is most likely they will split all household costs according to the percentage of household income you each earn e.g. 50:50 or 30:70. You really need to go through your expenditure with an IP who can help you sort it all out as an iva will leave you enough to live on as all living costs are included in your expenditure. xx

If you are intending on doing your IVA with CCCS, then you will definately be made to stick to their own guidelines which can be viewed as very frugal depending on the lifestyle you have previously been used to - but your disposable income is your own and only your husband's should be taken into consideration if you genuinely keep your finances separate and have not benefitted from any of his borrowings.

Welcome ...bfore deciding who to go with I would seriously consider getting advice from more than one firm. As Mel says CCCS guidelines around expenditure are very tight and other IP's may be able to support some further flexibilities that will help family life.

Take a look at www.iva.com for more companies to choose from...Mel is a good starting point and has good write ups on this forum, along with a whole host of other companies - don't just stay with one !

Great advice above - I would certainly look at some other companies as well.