www.iva.co.uk

i am just going into a joint iva with my wife as between us we owe 60,000 i am now 50 years old and work in a low paid job, my wife does not work as she looks after her mother, my worry is if anything happens to me then she will have to keep up the iva, but how she cant work, am i doing the right thing, i dont know it just worries me that if things do happen to me and i cant work then how we gona fufill our comitment

Hello

There is always going to be a certain amount of risk involved when you commit to an IVA. No one can say for definite what is going to happen to you in the next 5 years.

If your circumstances change then you may be able to vary the terms of your IVA, this is done by proposing the variation to a meeting of creditors, which will be similar to the meeting which approved your IVA, i.e. you need 75% of creditors voting to vote in favour of the variation. Again, creditors do not usually attend the meeting in person but vote using proxy forms.

If you become unable to work and you lose your income and ability to make payments into the IVA and you have no other way to pay off your debts (i.e. no third party can help or you have no assets) you may have to consider bankruptcy, however this will be the last resort and you should consult your IP to discuss whether there is any alternative.

The terms of your IVA will also provide for what would happen should either of you die during the IVA, ask your IP for an explanation of any of the terms of the IVA if you are unsure.

My advice is not to worry about things that have not happened yet, you are going into an IVA so that is a positive step towards a debt free future. Also, once you are in the IVA do not be afraid to contact your IP if you are concerned that you are not going to be able to meet your contributions/obligations under the IVA, the sooner you speak to the IP the easier it will be for him to help you.

Hope this helps

AccumaGroup
http://www.accumagroup.com - One of the UKs leading debt and insolvency advice firms with over 200 employees.

I agree with Accuma Group, try not to worry about things that have not occurred but if you are getting distressed by your circumstances consult your I.P.

All the best in the future and please continue to post on your IVA experiences.


Hope this information is of use

Regards. IVA Experts

thank you for your replys it helps knowing that their are people out their that care and know what your going through thanks for your knowledge and experiance, forever gratefull

You're welcome - always happy to help. Good luck with your IVA.



AccumaGroup
http://www.accumagroup.com - One of the UKs leading debt and insolvency advice firms with over 200 employees.