which is wiser, borrowing or taking on an iva

[faith]

do most ivas fail mainly because of the amount debtors are willing to pay creditors?this should be my final question for now thank you all for your help

[aguise]

Hi Faith
Some creditors have, as Melanie says a minimum expectation, but as I have seen Melanie post before ,if a proposal is prepared with care and the creditors can see that it is their best offer then they are more accepting. Pick your Ip with care, but I dont think you should look too far from this site.

Ang

[gizmo]

Hi Faith
Can I just say you can approach an IP directly - I would always recommend Melanie Giles as she is an absolute star so please bear this in mind as well.

[faith]

thanks.how true is this,i was adviced that the monies owed by my husband and i can not be added together as one,as it has to be done individually.what happens to our joint loans then?pls advice

[tracy.h]

Hi Faith,i would agree with the others especially if NR are one of your creditors,Melanie has a good success with this company as long as your iva proposal is viable,but obviously you will have to fill one of the forms on her website,im sure if it meets the creditors criteria then Melanie is the best woman for the job,she works relentlesley on this forum,and gives upfront and honest advice,the forum would be at a loss without her
Goodluck i hope you get the result that you need

[faith]

hi melanie
knowing that there is nothing lke a joint iva,would you still be able to assist us with regards to our situation?,as we have joint loans.kindly advise further.

[aguise]

Hi Faith
A bit of info might that might help.A proposal can be put forward as a joint proposal but it is in effect two separate but identical ones. Our debts are listed as individual and also joint, our income and expenditure is also together but at the meeting you both have to get the 75% vote, that is why occasionally one gets the votes and another does not. Our payment is one single payment which takes into account our joint income and joint disposable income. Hope this helps a bit. Melanie will correct me if I am wrong , but that is how ours appears to be, but there is as rtey say no such thing as a joint iva, more like two running side by side.



Ang

[MelanieGiles]

Hi Faith

Aguise is quite correct. Whilst IVAs are separate contracts for each person, it is quite usual to treat husband and wife, or common law partners for that matter, jointly - ie we make both proposals mutual and interlocking.

I'll try and give you an example:-

You have debts totalling £25,000
Your partner has debts totalling £40,000
There are joint debts of £15,000
Therefore total debts are £80,000

If you can afford to pay contributions of £600 per month for 60 months this creates a fund totalling £36,000. An IP may charge fees of £8,000 leaving £24,000 to divide equally amongst all creditors and therefore returning 32p in the £.

Hope this makes sense, and if you would like me to represent you I would be delighted. See my website for further details.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk