www.iva.co.uk

i am currently in the initial stages of signing up to an iva in my name only. My wife is not being included. however we have a joint bank account, which is our only bank account which is £3000 overdrawn. I have been told to open a new account because one of my loans which i will be including into the iva belongs to the same bank. Due to the bank account being in joint names can i include this into my iva, i.e the £3000 overdraft.

Im having sleepless nights and i cannot phone my adviser at this hour, can anyone help.

sat

Hi seano and a warm welcome to the forum

The overdraft will rightly need to be included in your IVA as a creditor, but unfortunately for your wife whe is equally responsible for the account, and the bank are likely to pursue her directly for repayment. Does she have any other debts?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

yes she does, she has an h.p loan for her car which is the main reason why she did not want to enter the iva. She needs the car for work. value wise its worth around £4,500.

As i stated we are in the initial stages,what if i removed her name from the joint account as nothing as happened as yet the forms from my advisor are due in a day or two.

sat

An IVA would not affect her car loan, as if this is subject to a HP agreement that is effectively secured against the asset and will need to be paid to avoid being collected.

You could remove your wife's name from the account, but the bank will be mightily suspicious if you then declare yourself insolvency shortly afterwards. What does your own IP have to advise about this?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

I wil be speaking to him in the morning,just wanted someone elses opinions. Im getting really stressed at the moment as i feel im entering the unknown , my total debt is £36000 including my overdraft. i cannot go bankrupt as i hold a public office, so the iva seems best but the thought of being rejected scares me to death as i could end up loosing my job.

sat

Try and get a face to face meeting with your IP, as this will set your mind at rest about the procedure and you can then ask as many questions as you like.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

thanks for your advice, i wil keep in touch.

sat

Hi Seano
Don't rush into anything until you fully understand the ins and outs.You can sound out this forum until you feel that you are ready to enter into an IVA.
As Melanie has stated take time out to have a face to face meeting with an IP and speak with several companies before committing.
Do your homework,in the long run you will find it time well spent
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp