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whichwaytoturn
Starting Member
2 Posts |
 Posted - 10 March 2011 : 11:03:15
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Hello all,
Myself and the wife have an iva proposal in front of us ready to sign for the ip. Still not sure what to do, even trying to follow our proposed budget we always find ourselves broke a week before payday,which makes us think how can we afford a £400+ iva payment? To make matters worse, we have a charge on the property from MBNA and they want £160 pm. I can see the iva failing before its started!
I am seriously considering going BR. My questions are -
can creditors go after my wife even though credit cards,loan etc. are in my name only?
would my wife have to do her own dmp? Dont think her debt warrants an iva.
would the charge on the property have to be paid regardless of my BR?
Thanks for your help. |
Edited by - whichwaytoturn on 10 March 2011 11:04:48 |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 10 March 2011 : 11:14:41
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HI WW2T
welcome to the forum
you are right to post the what if questions before you sign anything.
you have looked into and obtained advice from an IVA company, do the same with one of the experts to the left.
I can give positive and negative of both BR and IVA but each depends on you and your circumstances
as you have quite rightly identified you do not have to do the same thing.
any joint / several debts would pass to other partner on BR.
once you have had both sides of the equation then drive forward and start getting your debts back under control.
Richard |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 10 March 2011 : 11:27:20
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Hi and welcome to the forum. If you are struggling with your budget, then maybe an IVA isn't right for you. However, I would speak to your IP and explain this and go back through your I & E to find out where you are short.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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glafy
forum expert
436 Posts |
Posted - 11 March 2011 : 06:27:39
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Just wanted to say Welcome.
Some sound advice there from Richard & Tracey.
It does seem that you may struggle in an IVA.
Have a talk with the IP.
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!! |
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whichwaytoturn
Starting Member
2 Posts |
Posted - 11 March 2011 : 14:02:05
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Thank you all for your posts. Im due to speak to the IP on monday about our concerns.
Still worried about the house obviously, but were in neg. equity so I believe nothing can be done there under the new 2 yr.3 mth. rule. Also, concerned how creditors will harass my wife,unless she enters somekind of payment plan. She is only responsible for about £4000 of debt,plus a N.Rock together loan we have jointly.
Thaks for your support again. |
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Topic |
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should I go bankrupt?
