Please help!

nforster · Joined: 27 Jun 2007 Posts: 1

My partner and I have over £55,000 worth of debt between us and things are getting out of control! We bring home around £2,050 a month – I only work part time as I have to be home in the afternoon to look after my two children.

We have cut out all unnecessary costs and stuck to the basis things that we need. School expenses every month such as clothes, money for trips/lunch plus the general school expenses are essential – we cannot afford these costs so we are borrowing money just to help us get by.

We are now both doing a debt management plan to help us but some of our creditors are not included in this agreement and the interest is still building up - I have thought about doing an IVA but I am not sure if we can do this as I have agreed to the debt management and will we be suitable for it as my partner and I are not married.
If we do a joint IVA does this mean my partner and I have to be married first?

I really want to clear my debts as soon as possible it feels like it is taking over my life!

Please advise if you can help me or tell me what my options are.

Thank you in advance.

jaymo · Joined: 25 Jun 2007 Posts: 5

Hi,
My husband and I are in a joint IVA. I shouldn't think it would matter whethwer or not you are married. It really depends who's name the debts are in. My husband had a lot of debts in his own name, we also had joint debts. I had debts in my own name. So what happens is each persons debt is looked at, then they decide whether an IVA is right for you or not. An IVA was our only solution as we tried consolidation but unless you are very strong willed and cut all your cards up and keep a rigerous account on what you spend then it wont work. When you apply for an IVA you have to write down every detail of every bit of money that is being spent each month. Even down to school dinners and childrens trips, all this is taken into consideration. A meeting is held with the creditors and they then decide how much you can realistikly afford. You wiil be a lot better off than you are because the interest is frozen and you pay a set amount each month. We both have an IVA, as we both had debts, you are responsible for your own IVA. Hope this helps