www.iva.co.uk

hi I've already spoken to VB about an IVA and it seems its the best way forward as I have too much spare money if I don't pay my credit cards to go bankrupt...the problem is I owe the Ex Wife roughly 40% of the potential pot of the IVA debt...I've asked her solicitor for a figure so I can collate all of this so I know exactly how much I owe and to whom...they are dragging their feet as I suspect they want to get me to court for an attachment to earnings..I've enough money to last about a month before ill have to live off my credit cards again, I don't want to do this and I want to get the wheels in motion...all the ex demands are lump sums £10k+ with interest which I simply don't have(lump sum ordered and costs)...I could do without anymore court costs as well as the debt I have circa £45k is crippling me as it is...should I just start the IVA with the figure I think I owe etc.?...I know exactly how much I owe on credit cards(5 cards).thanks

Have a chat with VB about this specific issue. My first thoughts are that, as long as you can get to within 10% of the correct figure you should be OK and allowance could be made. It would then be up to her to verify the claim.

I am unsure, however, how and IVA would impact on a court ordered settlement (and vice versa) so I would suggest taking further advice on this specific aspect also.

Hi,

I also agree with Foggy - you need to speak to VB asap.

The marital debt is likely to be outside of the IVA although legal costs etc could be included. You could consider bankruptcy as if your surplus income is being paid to your ex under the terms of a court order it may be difficult if not impossible to get an income payments order against you.

If you have a solicitor you should also speak with them as the court order may be varied if you can show how affected you are by it.

As Michael suggests the debt to your ex wife probably has to be paid back in full so the IVA will only cover your other liabilities.

thanks all the debt ordered is minimal £2800 left to pay the rest is costs...im trying to find out if I owe her the costs or the solicitors as I know she would refuse an IVA out of spite...id rather go bankrupt TBH as it would be over sooner, I cant afford a solicitor as I've only just managed to pay them off too!...what a mess. Ill do some maths and see what I have to deal with...thanks all

Let us know how you get on.

She is a possibly a connected party so her vote would not count.