Debt Questions

Hi, I'm currently trying to enter into an iva and am waiting for the creditors meeting.

I'm worried about my partners income. We have a mortgage together, he earns double what i do but he also has access to unlimited amounts of overtime which can nearly double his wage.

The iva is mine, not a joint one, but what i want to know is if he does loads of overtime, will the creditors want part of his money??
I pay about 25% of the household bills, but i dont think its fair to bring him into my mess.

Well they cannot ask for proof of his income you know - what he says he earns is what the creditors accept and certainly if he is paying 75% of the bills they know they are onto a good thing!

Payplan have asked for proof of his income though, will they show this to the creditors?

Ive just spoken to PP but they wasn't entirely sure if its a large amount of overtime that the creditors would ask me for more.

They can ask for it but remember if he is not involved they cannot ask to see proof via payslips. If the last three show no overtime though it won't hurt to put them in, would it? If you do show it then they will feel they can have some of it.

He has the lion's share of the household income - why would he do overtime if he did not need to so that you could get some of your debt written off.

Is there an equity clause involved here - do you need to pay some compensation for equity.

The Payplan Partnership have an obligation to you as your nominee that the proposals they put forward be the best ones for you and to the court that the proposals be realistic and SUSTAINABLE. Overtime often isn't. After your IVA is approved they become your supervisor and as that they have a third obligation - that is to collect the money you said you would pay in the proposals.

He does overtime so he can pay his own bills, his normal wage doesnt come anywhere near to paying whats needed, (redundancy put paid to this), but if he does full overtime he could be left with a surplus income of around 600 per month which I don't want them to get their hands on as its not his debt, its mine.

I just wonder if I show them wage slips, (they all have overtime on) whether they will say he can pay all the household bills, thus freeing up more of my money to pay them.

I don't pay much household stuff as it is, its not fair on him if I end up paying even less.

What does the equity clause mean??

Hi all,

Im very new to all this so any advice would be great!

I am currently in 52 thousand debt and have a DMP with payplan, they estimate that I need to pay £200 monthly for no less than 21 years OMG!!!! Therefore I am looking into doing an I.V.A

My questions:
Which is better CCCS or payplan?
If my creditors say NO (sainsburys loan is £38,000 so has majority vote) can I apply again? as I heard you can only apply once for an I.V.A
Should I answer the phone to all the threatening calls I am currently receiving from Blair, Oliver and Scott - why are they still bothering me when I have an arrangement in place with payplan which all of my creditors have agreed to?

Sorry for so many questions, any advice would be greatly received x x

Either as they both do IVAs and there are no upfront fees.

But you are already half way there as you are in a DMP so have shown creditors you can make reduced payments and if an IVA is not approved you can continue with your debt management plan or if you have no assets - go for broke and go bankrupt and start again.

If you had an interim order put in place - which does not happen very often - then you cannot have another interim order for a year. It is usually only used if a creditor has threatened bankruptcy or other court action. However, if like the majority of people there has not been, then you can have an IVA put forward a second time quite quickly - obviously rewriting proposals. Often though there will be an adjournment to call in other votes to see if the dissenting creditor could be outvoted. If they have more than 25% of the total debt then they cannot be outvoted.