www.iva.co.uk

based on advice so far looking like that IVA (for both me and my husband individually)is best way forward. Just have a couple of questions if anyone can answer:
- both self employed but I am applying for jobs at moment - if income increases in future how does this impact IVA?
- My husabnd has car on HP - what will happen wih car?
- If sold house during IVA would we need to pay 100% of equity into IVA?

Whatever the answers will probably going down this route as only way forward as far as we can see. Take full responsibility but still going through emotional trauma of it all. This forum is so informative as real situations and real people which makes the process a little more easier to deal with.

Hi lisa and a warm welcome to the forum

If your IVA starts at a certain level, and your circumstances improve, creditors will expect to share in that improvement. But you will need to take account of any additional expenditure that your new employment might incur - such as additional travelling costs for instance.

So long as the car and the HP payments are not of excessive value they will continue to be paid throughout the IVA period. If the HP agreement is concluded during this term, creditors will expect to see a proportionate increase in payments due to the saving on costs.

Generally you are required to re-mortgage your property during the final year of the IVA and raise equity based upon new lending of 85% loan to value. Based upon this fact, why would you want to sell your house during the IVA period - as it may be difficult for you to get back on the housing ladder in the future?

A tip for you - as you are currently self-employed, make sure that you consult an insolvency practitioner with experience of dealing with these cases which are generally more complex.