entering into an IVA without my wife knowing

[daddybear]

I am thinking of entering into an IVA without my wife knowing. We currently have a joint mortgage, how will the equity release work for me in 4 yrs time and do I have another option other than equity release..Daddybear

[Sadsack]

Hi daddybear and welcome

I am not too sure if its a good idea for you to keep the IVA from your wife. As you have a joint mortgage and your IVA proposal requires an equity release in 4 years, she is going to have to be a part of that.

I suggest you sit down over a strong cup of tea or something a little stronger and discuss this with her.

As for any other option, it would depend entirely on how much you are in debt for and what sort of return you are offering your creditors. Perhaps if you posted a bit more information, I am sure another expert will be along to assist.

Sue

Ho Hum! Think I'll bang my drum!

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http://sadsack.blogs.iva.co.uk/

[scaredkez]

daddy bear i agree with sadsack don't hide this from your wife, these things have a nasty habit of catching up with you, be strong tell her of your situation if you have a strong and trusting relationship it will all work out, think how she would feel 4 yrs down the line if you haven't told her, be honest and do it together
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[MelanieGiles]

Hi Daddy Bear - (what a lovely forum name!)

I can only agree with the ladies, and as a practising insolvency practitioner can only tell you how many problems dealing with a party who has not told his partner can cause, especially with regard to disclosure and the calculation of your disposable income. And of course your wife will have to agree to an eventual equity release during an IVA under current protocal, so the best thing to do is tell her.

Also, as a wife myself, I would be devastated if my hubby was shielding me from such worry which I am sure you are going through. You are a partnership and a team, and I would be suprised if she doesn't have some idea of your problems (ladies are like that!), so dutch courage, have a chat and tell her you have found a solution which will set you up to be debt free for the future. Trust me you will not regret it, but if you need support in the meantime, the forum members are here for you.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[hara]

You must tell your wife.

Truth will always come out in the end whether you tell now or not.

As there are so many things involved in IVA,your wife will eventually find out,especially if your does not succeed.

She will find out!

hara

[Skippy]

I would advise telling your wife. I would be devastated if my partner had kept something as stressful as an IVA from me. I couldn't hvae got through the stress of an IVA and then BR without the support of my partner.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[iva experts]

Hi Daddybear,

I know that confronting your debt can be a very stressful, worrying and a hard realisation but to go through the next 5 years alone would be extremely difficult.

My advice like the others would be build up your courage and tell your wife, you will need her love and support. You will also need her as you own a property together and she will need to approve the re-mortgage.

Best Regards. IVA Experts

[iva_squirrel]

Hi daddybear,

5 years is a long time to keep your IVA hidden from your wife. Going through and IVA can be very stressful and i think you will need as much support and help as you can get so i suggest to tell your wife.

Regards,
Michelle P.

[spla]

hi daddy bear i was the same as you 18months ago didnt want to worry her with it 1 she will all ready be worrying whats going on sit her in front of this screen ye shelle kick off but at least she can read and see that there is a solution and light at the end of tunnel and mels right what ateam we are now it want be as bad as you think besides the bruises will mend