Hello, please can you tell me if I would qualify for an IVA. I owe about £24,000. At the moment Im not working because I am raising 3 small children. The only income I have every month is tax credits from the inland reveneue. My husband does not have any spare money from his earnings to pay off my debts. The mortgage we have is in my husbands name, i am not on the deeds. Would the creditors chase my husband for money? Thanks
If your only source of income is tax credits and your husband does not have any disposable cash to help, then I doubt you can get an IVA.
Have you thought of doing a Debt Management Programme?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hey hds11, welcome to the forum. I don't think you would be able to have an IVA if you haven't any regular income. Does your home have any equity in that could be used to pay your debts off? There are many options, have a chat with an insolvency practitioner. You can go to www.iva.com and see some reviews there, pick a couple and see what they say. I'm with Melanie Giles who posts on here, I can highly recommend her. If you can post a few more details we can help further. X
You really need to look at your situation by combining the family income and expenditure - and not separating yours from your husbands. However, if you are not working, and IVA is not really a viable solution for you unless you are going to sell assets and make a lump sum offer - which from your posting appears unlikely.
Definately no harm in having a chat with an Insolvency Practitioner, however, who will be able to set you on the right road.
