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T O P I C R E V I E W
jim_h
Posted - 18 August 2008 : 18:25:18 my debt is £9500 wifes £5150 joint £5200 if i go bankrupt does it mean my wifes debt is now £10350 had an interlocking iva but it failed my wife does not wont to go bankrupt i am not sure what happens with a joint debt and is it right you cant have a iva for less than £15000
1 L A T E S T R E P L I E S (Newest First)
John
Posted - 18 August 2008 : 20:16:26 Hi your calculation is correct, your wife's debt in the event of your BR would be £10350. You are also correct that she would not qualify for an IVA with that level of debt.
Which leaves a DMP. Calculate what your wife could afford per month to pay into a DMP then divide £10350 by that amount to see how many months the DMP would last for.
Most DMP companies want a minimum £200 per month but some may acheive a lower amount, particularly as your wife's debt would also be relatively low.
