IVA advice for my wife

The first step has already been made; you are looking for help with your debt problems. Perhaps your wife has run up her credit card bills, or a loan in her name has stopped being affordable due to illness, job loss or some other bump in life’s road. An IVA or Individual Voluntary Arrangement might just be the solution to your wife’s financial problems. But let’s face it; if your wife has problems, it is likely that as a good husband, they are your shared problem too.

An IVA is best suited to someone with a regular income, someone who can afford to pay two to three hundred pounds per month to a scheme that would repay the creditors (who are owed the money) back over a period of three to five years. It is also the type of insolvency action that is preferable to bankruptcy if the debtor has a house, or another asset that they wish to protect.

If you are interested in an IVA, it is best that you contact a local licensed Insolvency Practitioner, someone who is qualified and experienced in dealing with this type of matter. They can help make the mountain of paperwork less of a muddle and negotiate with your creditors a deal that is manageable.