| T O P I C R E V I E W |
| Sharon.g |
Posted - 21 July 2016 : 14:15:11
Hello, my husband and I have been in a debt management plan and during the review call today they suggested he apply to become bankrupt. All the debts are in his name except one. How would this affect him becoming bankrupt as I don't want to be made bankrupt too? Before we met and married I had spent years paying off debts incurred by my first partner and I am still working hard to improve my credit rating. Any help would be grand. |
| 5 L A T E S T R E P L I E S (Newest First) |
| Lisa Thomas |
Posted - 28 July 2016 : 12:06:38
Hi Sharon
How much does your husband owe? How much longer does he have to pay under the DMP to clear his debts?
How much is your joint debt and can you afford to pay this off?
Contact me on 01752 786800 or Lisa@nevilleco.co.uk |
| Niobe |
Posted - 27 July 2016 : 10:01:58
Have to apologise Sharon - I've been told that Viki no longer works for Vincent Bond.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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| Niobe |
Posted - 22 July 2016 : 15:02:00
It will impact your credit rating as you have a joint financial association even though you are chipping away at your own part of it.
You don't have to be made bankrupt - Just keep paying towards the joint debt.
Interesting to know which company gave you that advice?
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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| Sharon.g |
Posted - 22 July 2016 : 13:46:04
Hi and thank you
We rent our home so have no assets just a car for work. We did get offered an IVA and went through the process but at the hearing they changed the amount we had agreed to pay each month to one that was too high. I was not included in the original DMP but when we looked at the IVA they had to include everything. I was initially reluctant to do this as it would affect my credit record but was told that it would be fine they would just split the joint debt (overdraft) and I could continue reducing my half as I had been with no impact on my credit. This of course was not the case, I now have it showing as defaulted on my record and feel like the last 14 years of paying off debts and working to get my credit rating up have taken a knock back.
Thank you for the advice, I will contact Viki Warbroke.
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| Niobe |
Posted - 21 July 2016 : 14:58:39
Hi and welcome,
Firstly, do you have any assets that would need to be protected (such as a house). As regards your own debt then you would not have to declare bankruptcy and I wonder why you were included in the DMP in the first place.
Have you considered doing an IVA at all? It is something to consider but I do suggest that you take further advice.
Have a chat with Viki Warbroke who is the BR expert on this site (details under the expert section on the left hand side of the page) for some free advice.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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