can they touch my house or mortgage

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jonathan.h

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Post by jonathan.h » Sat Feb 02, 2008 12:00 am
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My wife has run up large cc bills which i did not know about now she is going for a iva. my question is can they touch my house or mortgage its in both our names and it is a normal repayment mortgage. we also have one child if that makes any differance.
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MelanieGiles

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Post by MelanieGiles » Sat Feb 02, 2008 1:21 am
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Hi jonathon and welcome to the forum

The question to ask is what level of equity do you currently have in the property? If your wife decides to propose an IVA to your creditors, she will need to agree to have the property revalued during the final year and then raise equity to the extent of her share based upon 85% loan to value. Of course you will need to agree to that additional borrowing, so best to consider the implications of this at an early stage.
Regards, Melanie Giles, Insolvency Practitioner
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