Hi, a couple of questions if anyone help.
Is an IVA attached to me or to both me and my wife if the majority of the debts are unsecured ones held by me?
I have seen that you can be made to cash in an endowment, how does this sit with the mortgage companies as this is there to pay of that debt isnt it?
An IVA is an Individual Voluntary Arrangement, so there needs to be one for each insolvent party - although for spouses these can be interlocking - ie one contribution is made to cover all debts.
Does your wife have debts of her own, and if so would she be able to pay them without financial support from you if you were to enter into an IVA.
Endowment policies will have to be taken into account, unless they are assigned to your mortgage company.
If only you entered into an IVA, and you have any joint debts at all, be warned that your spouse would be held liable for the whole of the outstanding debt and the creditors would chase her for that.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
cashing in an endowment is where creditors believe surplus assets should be paid into the IVA. Unless the endowment policy is tied to any mortgage.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
