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Hi

 

Can anybody offer any advice on the following scenario

 

I owe 28.5K (2 loans totalling 20k, 1 credit card 6k) my hours were cut at work approx 6mths ago and i have struggled along until now and its getting me down so i feel i need to do something about this financial mess im in.

 

Husband has a loan and credit card and never misses a payment and he can afford these with enough money left for us to just about live on but not enough to help me pay my loans.

 

We also have a joint overdraft of 5k

 

I have looked at an IVA for me only as we would like to keep my husband clear of any defaults if possible incase we need any credit agreements in the future.

 

I'm not sure when putting down joint responsibility for things like the mortgage ie how much i should pay ? The mortgage is £500 each month so do i put down £250 as my share and is everthing worked out 50/50 or should it be a percentage based on my earnings compared our overall income ? for example say he earns £1500 and i earn £500 the total income is £2000 and my income contribution is 25% hence should my mortgage contribution be 25% ? Hope this makes sense !!

 

Also how do we go on with the joint overdraft as i want to go into an IVA and my husband does not want to ? He cannot afford to pay this if the bank demand immediate payment as i suspect they will ?

 

And finally our mortgage is up for remortgage in 2 years time - How easy will it be to get a decent mortgage rate with me on an IVA ?

 

thanks in advance

Edited by axxo

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Any of you kind people have any experience with my questions ?

 

Many Thanks

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Hi axxo

 

I have no knowledge of IVAs/DMPs.

 

Please be patient, somebody will be along to offer you some advice. That i am sure about.

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Hi

 

Can anybody offer any advice on the following scenario

 

I owe 28.5K (2 loans totalling 20k, 1 credit card 6k) my hours were cut at work approx 6mths ago and i have struggled along until now and its getting me down so i feel i need to do something about this financial mess im in.

 

Husband has a loan and credit card and never misses a payment and he can afford these with enough money left for us to just about live on but not enough to help me pay my loans.

 

We also have a joint overdraft of 5k

 

I have looked at an IVA for me only as we would like to keep my husband clear of any defaults if possible incase we need any credit agreements in the future.

 

I'm not sure when putting down joint responsibility for things like the mortgage ie how much i should pay ? The mortgage is £500 each month so do i put down £250 as my share and is everthing worked out 50/50 or should it be a percentage based on my earnings compared our overall income ? for example say he earns £1500 and i earn £500 the total income is £2000 and my income contribution is 25% hence should my mortgage contribution be 25% ? Hope this makes sense !!

 

Also how do we go on with the joint overdraft as i want to go into an IVA and my husband does not want to ? He cannot afford to pay this if the bank demand immediate payment as i suspect they will ?

 

And finally our mortgage is up for remortgage in 2 years time - How easy will it be to get a decent mortgage rate with me on an IVA ?

 

thanks in advance

 

Hi

 

Difficult to give you any clear answers as more information would be needed -

 

If you apply the percentage expenditure formula that you have mentioned what is the amount of disposable income you have left ?

 

Is there any equity in your home?

 

When you say you have looked at an IVA, could you elaborate further.

 

Have you looked at other solutions such as bankruptcy ?

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Hi

 

Can anybody offer any advice on the following scenario

 

I owe 28.5K (2 loans totalling 20k, 1 credit card 6k) my hours were cut at work approx 6mths ago and i have struggled along until now and its getting me down so i feel i need to do something about this financial mess im in.

 

Husband has a loan and credit card and never misses a payment and he can afford these with enough money left for us to just about live on but not enough to help me pay my loans.

 

We also have a joint overdraft of 5k

 

I have looked at an IVA for me only as we would like to keep my husband clear of any defaults if possible incase we need any credit agreements in the future.

 

I'm not sure when putting down joint responsibility for things like the mortgage ie how much i should pay ? The mortgage is £500 each month so do i put down £250 as my share and is everthing worked out 50/50 or should it be a percentage based on my earnings compared our overall income ? for example say he earns £1500 and i earn £500 the total income is £2000 and my income contribution is 25% hence should my mortgage contribution be 25% ? Hope this makes sense !!

 

Also how do we go on with the joint overdraft as i want to go into an IVA and my husband does not want to ? He cannot afford to pay this if the bank demand immediate payment as i suspect they will ?

 

And finally our mortgage is up for remortgage in 2 years time - How easy will it be to get a decent mortgage rate with me on an IVA ?

 

thanks in advance

 

Hi

 

Difficult to give you any clear answers as much more information would be needed on your overall circumstances

and It may be problematic to enter an IVA on your own.

 

If you apply the percentage expenditure formula that you have mentioned what is the amount of disposable income you have left ?

 

Is there any equity in your home?

 

When you say you have looked at an IVA, could you elaborate further.

 

Have you looked at other solutions such as bankruptcy ?

 

Your husband would be left liable for the overdraft if you go down any of the formal insolvency routes

 

Some up to date info on IVAs below that might help -

 

http://www.insolvency.gov.uk/insolvencyprofessionandlegislation/policychange/foum2007/plenarymeeting.htm

 

Apologies for the post duplication

Edited by Wintry

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Thanks for your reply

 

I have been on the CCCS website and filled in my details applying the above formula and i have roughly £190 left and their site is suggesting an IVA. We have approx 35k equity in the house. We have looked at remortgaging (I know may on here say don't turn unsecured into secured debt) but its not looking likely anyway as we have been turned down by 2 lenders now.

 

Thanks for the link but i cannot get it to work

 

axxo

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Hi

 

Difficult to give you any clear answers as much more information would be needed on your overall circumstances

and It may be problematic to enter an IVA on your own.

 

 

Not really 'difficult' to give answers if you have been through it. If you havent I guess it would be.:mad:

 

Had the same situation see other threads (my partner had the good credit rating)

 

The person in question can PM happy to answer based on my experience

 

ps I enter an IVA on my own it wasn't problematic

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Not really 'difficult' to give answers if you have been through it. If you havent I guess it would be.:mad:

 

Had the same situation see other threads (my partner had the good credit rating)

 

The person in question can PM happy to answer based on my experience

 

ps I enter an IVA on my own it wasn't problematic

 

Hi stewpots

 

Not difficult, PMs ?

 

Dont be modest, shy or vain, why not give and share your advice on this thread ?

 

PS - Anybody thinking of an IVA - No situation is the same and very risky to advise without knowing the full details, any good IP will always tell you that.

 

Thousands of IVAs have failed or do not run their course, always best to make sure that you get full, appropriate advice and that you understand what you are going into (especially if you have assets such as your home).

 

Forum posters such as stewpots are very unlikely to be around to catch you if you fall.

 

That I can assure you of :)

Edited by Wintry

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Hi stewpots

 

Not difficult, PMs ?

 

Dont be modest, shy or vain, why not give and share your advice on this thread ?

 

PS - Anybody thinking of an IVA - No situation is the same and very risky to advise without knowing the full details, any good IP will always tell you that.

 

Thousands of IVAs have failed or do not run their course, always best to make sure that you get full, appropriate advice and that you understand what you are going into (especially if you have assets such as your home).

 

Forum posters such as stewpots are very unlikely to be around to catch you if you fall.

 

That I can assure you of :)

 

Hence the PM my friend :)

 

My 'advice' would be based on my experience and may as you say not be suited to anyone else and so is not suitable for a public forum

 

What I wouldn't say in a public forum based on no experience is that it would be difficult to get a sole IVA etc etc, it seems you have now acknowledged that , ie you dont know:-)

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Hence the PM my friend :)

 

My 'advice' would be based on my experience and may as you say not be suited to anyone else and so is not suitable for a public forum

 

What I wouldn't say in a public forum based on no experience is that it would be difficult to get a sole IVA etc etc, it seems you have now acknowledged that , ie you dont know:-)

 

Hi stewpots

 

It is never wise to assume, and I have acknowledged nothing.

 

I deal with IVAs almost every day and have done for years.

 

Where did I actually say that it would be 'difficult to get a sole IVA' ?

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I have looked at an IVA for me only as we would like to keep my husband clear of any defaults if possible incase we need any credit agreements in the future.

You would need to have at least £100 surplus after a joint income and expenditure has been taken into account to try for an IVA. However, if this is the case and you are eligible to try for an IVA, your husband's debt payments can be allowed for within your income and expenditure. There is also the option of your husband setting up a debt management plan of his own alongside your IVA.

I'm not sure when putting down joint responsibility for things like the mortgage ie how much i should pay ? The mortgage is £500 each month so do i put down £250 as my share and is everthing worked out 50/50 or should it be a percentage based on my earnings compared our overall income ? for example say he earns £1500 and i earn £500 the total income is £2000 and my income contributionlink3.gif is 25% hence should my mortgage contributionlink3.gif be 25% ? Hope this makes sense !!

I understand that you may work out your bills this way, however, for the IVA, your creditors require a full joint income and expenditure. Therefore you would need to show the full mortgage and full bills. Your husband's income would be shown on the budget but would be cancelled out by all of his expenses i.e his share of bills, debt repayment, car costs etc.

 

Also how do we go on with the joint overdraft as i want to go into an IVA and my husband does not want to ? He cannot afford to pay this if the bank demand immediate payment as i suspect they will ?

Your joint overdraft would need to be included within your IVA. You would need to change bank accounts to someone not linked to your old bank, and move all income over to this account, including your husbands. This is because the IVA company will need to contact all creditors eventually, and if your income is still going into your old account, they could freeze any monies going into this account to repay the debt. You would make your own individual offer in the IVA, depending on how much your monthly payment is. For example, if you propose a 15% offer to the IVA, your 15% would be included in the IVA, but your husband would still be liable to pay back the remaining 85% of the debt, which he can include as part of his own arrangement, or in a debt management plan to help clear this too. As you both took this overdraft out, you are both 100% liable for the full amount.

 

And finally our mortgage is up for remortgage in 2 years time - How easy will it be to get a decent mortgage rate with me on an IVA ?

IVA : Can I Get A Mortgage When I Am In An IVA?

Have a read of this, and this should help to answer this question or any other property queries you may have.

 

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