i should be happy - but i cant sleep for worrying

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r_l

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Post by r_l » Thu Mar 15, 2007 7:34 pm
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I am getting a little stressed out at the moment. Please let me explain my situation...

I got my self stupidly in to debt that was in the sum of £20,000- i have been in a IVA for approximately year and a half with no problems. Around the time i started my IVA i met my boyf. i have never explained the situation of the IVA (ive never had to) EXCEPT - well he has asked me to marry him and move in with him. He wants to sell his house and get a joint mortage. Can anyone tell me of their experiences regarding the IVA when getting a mortage. I feel exteremly embarrassed to tell him about this and would feel even worse if this has any impact on him. will i be able to get a mortage.


Any advises are appreciated.
i should be happy - but i cant sleep for worrying about this
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Storm

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Post by Storm » Thu Mar 15, 2007 7:50 pm
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Would have thought it best to explain to your future husband about the IVA.... it will come up in any joint mortgage application / process.

You can get a mortgage whilst in an IVA - you will need to find between 10-15% deposit and you will pay a slightly higher interest rate.

I suggest you use a broker to get you the best deal.
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kezza

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Post by kezza » Thu Mar 15, 2007 8:02 pm
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Hi r_l

I would strongly advise talking to your future husband, any good relationship is based on trust, if he loves you as much as it sounds, I'm sure he will respect you more for telling him.

Other posters on the forum have had nothing but support (me included!)

Good luck and all the best
THE ONLY WAY IS UP :-)
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Skippy

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Post by Skippy » Thu Mar 15, 2007 9:38 pm
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Hi r_l, first of all congratulations! You do need to tell your future hubby, and I'm sure that he will be supportive. My partner was really good when I told him. The only thing he was upset about was that I hadn't told him sooner.

Onwards and upwards!!!
View my blog at: http://skippy13.blogs.iva.co.uk/
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MelanieGiles

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Post by MelanieGiles » Thu Mar 15, 2007 9:52 pm
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Hi r l

Explain to your partner that you are subject to a managed debt repayment with your creditors (who have all agreed to the proposals) and which has a finate time period and will eventually end.

So long as he is able to fund the deposit (if any) required for the house purchase, and that the mortgage payments (your share) do not exceed the amount you are currently payin in rent, then there is absolutely no problem in moving forward with your life. Good luck!

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
Regards, Melanie Giles, Insolvency Practitioner
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