advice required

[albi]

my girlfriend has announced, this week, that she has big money problems and may go down the iva route. besides my worries for her, i am also worried about how it will affect myself. i have some worries and would appreciate soem answers to the following.

1.my name alone is on the mortgage to the house, i have owned the house for 17 years but my girlfriend only moved in about 4 years ago. we also have a daghter who is just a little over three years old. i pay ALL the household bills and have never asked my girlfriend for a contribution, other than her sometimes buying some food. will her iva affect me and the house in any way?

2.will her iva put any "black mark" against our address?

[MelanieGiles]

Hi albi and welcome to the forum

From what you say, it is unlikely that your property would be affected if your girlfriend were to enter into an IVA.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[carlmcmullen]

1. Yes from what you are saying she would have an Equitable Interest in the property, despite her not contributing to the house she has contributed in other ways to the upkeep and general running of the propoerty so it could be argued.

2. Technically it should not affect your credit rating.

However if you begin to struggle getting credit you have to apply to equifax/experian to be disassociated with the IVA as your name is not on it.

How Much equity do you have in the property and what is her debt level ?

[MelanieGiles]

As the poster has confirmed that his girlfriend does not pay anything to the household bills, and they have only lived together for a relatively short period of time, it would be extremely difficult to prove that she has developed a beneficial interest in the property.

I draw from my years of experience in acting as a Trustee in bankruptcy when I have attempted to recover monies for creditors under similar circumstances, and to be frank a claim from your partner's Trustee (were she to enter bankruptcy proceedings) would be pretty hopeless.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[albi]

thanks for that melanie, i am working on it with her at the mo so hoping she can sort it out now i know what the full extent of the problem is.