IVA/Bankrupcy after Divorce

Sorry if this has been asked before but I did a search and nothing came up.

My divorce is through and now I am finding that because they don''t know where my ex is I am the one who is getting all the debt collection letters. Quite frankly my health is not at it''s best and I can''t take the pressure anymore. I am looking at going into an IVA and I have been told by a friend that I can get a court order whilst it''s being set up, I believe it''s called an Interim order?

Ive googled this but don''t understand it so can someone please spell it out to me in dummy terms what it does? does it stop them sending me letters whilst it''s being set up?

Thanks

Will

The first question I would ask is whether you are liable for the debts in the first place.

When you say your divorce is through, what do you mean by this ? Is there a financial order in place ?

My general experience of debt advice is that, regardless of court orders, it is usually possible to make an offer to your creditors on an interim basis, showing your income, your needs and expenditure, and your other debts.

You could ask for further action on the debts to be suspended for a period while you sort yourself out. No it does not necessarily suspend action but the creditor needs to ask whether he would do any better by going to Court, because the Court will only make you pay what you can afford.

LMM

Thanks for your response Mike,

Divorce completed, not started on finances yet. I am named on mortgage and secure loan. repossession left negative of about 30k

I have other debts that were accrued in the marriage. But so does she and hers are much more. Was told they were nothing to do with me as they were in her name. well car and stuff anyway.

I don''t earn enough to survive and pay my rent let alone all this ontop. I owe about 20k before anything from the marriage.

There are two things you need to consider here :

The first is, are you legally liable for the debt to the lender ? On the face of it, if you incurred the debt yourself ( either wholly or jointly with someone else ) then you are liable.

But if you didn''t sign the agreement, or guarantee it, then you''re not.

But when you sort out finances after a divorce then it is possible, in certain circumstances, for a Court to make an order for you to be responsible for some of the debts of your wife even if it was not you who incurred them and even though you may not be legally liable to the lender. The most usual example is where the debt in question was incurred for the purpose of buying goods which benefit both, eg the family car.

But as far as the lender is concerned, you need to be very sure about this legal liability issue before making offers or entering IVA''s. You neither want or need to be admitting liability when you don''t have to. You sound to me in enough bovver as it is.

LMM