I have got myself into debt by maxing out credit cards then taking out a loan to pay off these cards. I struggled with the repayments and again had to pay the loan off with these cards. The debt is around £20,000 and I need urgent advice. I am married and have not told my wife about this as I really need to sort the problem out myself. I earn £21,000 per year and my wife works and we have a mortgage in joint names which is causing a problem. Can I qualify for an IVA on my own without my wife finding out as I cannot risk losing her. Please help[:(]
Technically you can do an IVA without your wife knowing, but as you will be required to raise any equity you have in the property (subject to certain limits) during the final year, her permission will be firstly need to place a restriction on the property at HM Land Registry, and latterly to enter into a remortgage to raise the money required.
I am sure that she will be supportive to you if you sit down and talk to her honestly about the problems, but if you are adament that she must not know then a Debt Management Agreement might be a better option, which is just a simple agreement for you to pay reduced amounts to creditors over a longer period of time.
