IVA HELP

[Waves93]

Just wondering if anyone has been in a similar situation, basically I’ve got myself in to nearly £40k of debt between both personal and business loans.
I have spoken to PayPlan and I am considering an IVA
I currently live with my partner at his house. We are not married, He purchased the house alone and I am not on the mortgage atall, all bills in his name so I just just pay X amount towards bills per month.
Will my IVA affect my partners property at all?? I am worried that i may drag my partner in to this and don’t want to jeopardise anything to do with his mortgage etc.
has anyone been in a similar situation? Thank you

Money saving expert forum has a bankruptcy board that will almost certainly have the answer to this question in it, and if it doesn't someone on there will probably know.

Thank you @CrotchetyQuaver i will check this out

You say all bills are in his name but what about things like your phone, and your bank accounts? If you have anything in your name using his address then it will affect his home and therefore him.
Do your best to avoid IVA if you can! If it helps to know, I was once in more debt than you and managed to negotiate payment plans and paid it all off myself.

@AnotherSpare all household bills are in his name, I don’t have a contract phone but I am registered as living there for mail etc and my bank accounts etc are registered at his address.
Did you negotiate with your creditors yourself? I just don’t know where to start but need to do something as I am currently paying out £1000 a month just on min payments

I'm 99% sure it won't affect him. I've recently started an IVA. They will encourage you to say he's not aware of the debt, then they won't even need his bank statements or anything from him at all.

I kept my car on finance with my IVA - best thing I've done I feel so much less stressed.

@Vodababy I did ask if it will affect him in anyway as the debts are mine. It’s his house, his mortgage that he had before I moved in etc and she said ‘it shouldn’t’ But they may ask questions about if I have put any money in to the property etc which I haven’t but it’s kind of worried me now that If I can’t prove that then will it put him and his propert in jeopardy 😩 he’s never been in debt, he’s amazing with money and only lending he’s ever had is his mortgage and he’s worked hard to get where he is, I couldn’t live with myself if i ruined things for him, the payments on the IVA seem a lot less stressful for me but it’s just this whole property thing that is putting me off

@Vodababy I personally don’t feel it should effect him as I know someone who had an IVA while living with parents and it didn’t effect them so surely should be the same as I am living in somebody else’s property 🤷🏼‍♀️

Are you sure an IVA is the right option for you?
I would get free debt advice from
Christians against poverty
Step change
Or similar.
They will look at all of your finances and tell you what are the best options for you and help you put things in place with your creditors. They will also be able to answer any questions ypu have, such as if it will affect your partner.

Good luck

@Catclown I spoke to PayPlan yesterday and they said I had 3 option, IVA, Debt management plan or bankruptcy.
i 100% don’t want to go for bankruptcy, although it’s the quickest way of getting out of debt, as I’m self employed I know it will have a big impact on my ability to trade going forward with suppliers etc
they are giving me a few days to think and giving me a ring on Saturday so I’ll just have to ask more questions and go from there I guess

I can really recommend Stepchange . I was on a DMP and am so grateful to them. 3 years on I'm nearly debt free . At my worst I felt there was no way out. Can't answer your query unfortunately but just wanted to reassure you that once you have the right support and a plan in place you will sort this . Good luck

Please try stepchange while you wait for the call, you can do it mostly online and they'll help you negotiate with your lenders. The debt advice I had from other companies came with charges so it would have taken forever to pay off once they'd taken their cut, stepchange is totally free and most lenders will accept their recommendations and it's one D/D payment which makes things really easy.

I don't work for them BTW but they've really helped me in the past.

@Lookunderthesofa1 exactly how I feel at the moment. Hate myself for getting in to this mess! I have looked at stepchange online and apparently they can’t help if self employed

@Woahhohoho I looked at stepchange apparently they can’t help if self employed but may just give them a ring anyways see if they can point me in the right direction

If stepchange can't help, try christians against poverty. You don't have to be a Christian to get help from them. Im not sure if being self employed makes a difference but give them a call? And its like stepchange, all totally free.

I have never heard of PayPlan so I dont know of they charge for their services?

There will be other free ones out there that Martin Lewis recommends, i think national debt line is one? But try and get free advice before using a fee paying organisation.

I worked for an Insolvency Practitioner. What he would do first was to get you to write out all your income and expenses and then write to the creditors and ask if they would consider setting up a payment plan. You could try this yourself. Creditors know if you go along with an IVA they are likely to only get a small amount of the debt back. Charges even for a small IVA come out of the money you pay in, so try and arrange a payment plan first.