www.iva.co.uk

Hi
Have several questions I'm hoping you all could answer,
My wife and I took out what I think are separate iva with Melanie October 2013
We both have separate paperwork, different payment amounts and our own debts
All except one which is a joint debt
Obviously we are now with credit fix and have just completed month 30 with no hiccups
There will be no equity related issues
House as of today valued at £170000 and we owe 145000 and on an interest only
We have standard 85% ltv in contracts
However the are clauses in our contracts which say on month 60 we must pay 12 months the value of our car finance which finish around the same time as iva
I have a family member who is offering to pay my iva off
They don't have enough for both iva

So my questions are
How can I tell for sure we have separate iva
Would a f and f offer of £11000 this being 30x300 and 12 x200 be a fair offer
And if this was accepted would they then expect me to contribute to my wife's iva
Many thanks for your help

Hi,

I think you have separate agreements as my husband and myself had similar circumstances.

Must admit that I have no idea on the car finance - not heard of that before.

I completed a full and final and was not expected to contribute to my husbands which finished the following year.

Thanks Kaliss for reply
Do you think 11000 is a fair offer?

It may well be and you could possibly get away with slightly less. Hopefully Lisa Thomas, the resident IP on here will be able to answer your question when she comes on later.

Hi there is no such thing as a Joint IVA but there are interlocking ones, which means if yours was to fail your wife's would unravel.

The way to know this is to read your IVA documents - they will state whether they are interlocking.

If the remaining payments are £11,400 as you state then I think £11k would be a very reasonable offer.

Given there are 2.5 years to go you could even offer a bit less.

It is a lot of money for your family member to simply gift you, especially as it will leave your wife still in an IVA and your credit rating will still have been damaged for the 6 years.

Personally if you are able to continue to keep making the payments I would continue to do so.

Perhaps when you get another year or so under the belt the family members money can be used to settle both IVAs.