Help Please

[snowy]

Hello

My husband's IVA has just been approved but mine failed due to HFC saying no, everyone else said yes!

My question is Greg has accepted his IVA so his equity is protected through the IVA, if I was to declare myself bankrupt then Greg would not be able to buy out my share of the equity, so my question is would HFC who I am told are wanting to get a charging order on my share of equity, would they be able to force me to sell and leave us homeless for the sake of £10k?! - help please

[ianmillington]

Hi - sorry to hear the news.

Can I ask:

Is the HFC a joint debt?

I assume that the £10k to which you refer is the amount of the HFC debt. How much is your share of the equity, and what was the total of your creditors please?

Ian

[snowy]

hi ian

no the debt is just my wifes,can i put house just in my name as i would rather give equity to crediters my crediters at end of iva?

just woundered if its possible
thanks
greg

[snowy]

sorry ian
the amount of debt is 20k,her half of equity is 10k.

[snowy]

total bebt was31k,so cant do an iva if they get a charging order.

[Jo Rolland]

Greg, no you cannot just put the house into your name without purchasing it at the market value as this would be seen as a disposal of assets by your wife.

If your wife has surplus income, which she obviously does have as she was proposing an IVA, the IVA being rejected does not automatically mean that she should declare herself bankrupt.

She can contact her creditors and offer them reduced payments based on her current surplus.

[snowy]

hi jo
we have been on a dmp for the last year and hfc have got 2 ccjs,and with my iva her dmp payment is now 160 a month
greg

[emma_t]

Sorry to hear that one of you iva's was not accepted by creditors

Can your IP not suggest the best way forward now for you?

I am not an expert so cannot advise, but hang in there I am sure someone will be along soon
Emma x

[Jo Rolland]

Greg, is your wife paying a CCJ to HFC ordered by the court?

[snowy]

yes she has two brought at same time for 150 each.she was working 2 jobs and we was paying 680 a month to payplan and my wife became ill due to being an insulin dependant diabetic and working from 9 in morning till 10 at night,so she gave up second job in november ,which droped us 324 a month incomings,all this was stated in proposal they recievd.

greg