I am scared as I know I need to sort my finances out but my husband is dead against the idea of an IVA. I know thta I need to do it as I cannot cope with the payments and am so stressed out that I miscarried two weeks ago. Can I go for an IVA without affecting my husband? Can they sell my house and car? I need my car for my little toddler's ferrying to and from the childminder. And I cannot lose my house! Also, will my employers be contacted or I'll die of shame!
Hi
You can go for an IVA just for yourself ,your house will be safe as long as you pay the mortgage/secured loans.Your car will be an allowable expense in an IVA and your employer will not be contacted.
Please post more details i;e level of both your debts,house equity etc
Regards
Take a deep breath a-n. I am so sorry to hear of your loss,stress is a terrible thing.
Can you give an idea of your debts and whether any are joint debts with hubby. Your income and any equity in your home is info thats needed too. In an IVA you may have to release your share of any equity in your home,as for the car unless its a flashy sportscar then you will more often than not get to keep it,providing it is not hugely costly.
Your employers wont be contacted.
Can I ask why your husband is so against the idea?? Does he fully understand whats going on,ie does he know about all the debts?
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
As the other posters have confirmed, you can do an IVA on your own, but it is usually better to do it with the support of your partner.
As you are a property owner, you will be required to get your husband's permission for the Supervisor of the IP to place a restriction at HM Land Registry to alert them of the fact of a future sale, and you will be required to explore the possibility of raising equity in the property during the final year, which will need your husband's permission.
Regreatably it will be in your interest to explain matters to your husband and explain that all the experts agree that an IVA for you is the most appropriate solution to your financial problems. Get your husband to have a chat with one or two practitioners - get him to visit www.iva.com. Good luck
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.
