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
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.
bankrupt or iva
Posted - 18 August 2008 : 18:25:18
