I am in an IVA. My home is owned on a tennents in common basis (on a mortgage) with my husband. It is the cheapest monthly outgoing we have at £135 a month interest only. The mortgage balance is £166k and a local estate agent has valued it recently at around £190k. My IVA debt is £34k. My husbands current debts are £24k. whilst we pay my IVA ok at £200 a month, we are still struggling with the monthly debt in his name at around £650 a month. We are self employed earning a joint gross income of about £400 a week. If we went bankrupt would we necessarily lose our home? We have a 14 year old dependent too.
I'm sorry to hear your struggling, but your in the right place for some help & support with this.
I don't think we can give a definite yes or no answer on wether you would lose your home, but in bankruptcy all your debt would have to be accounted for, included the mortgage.
How long have you been in your IVA? Were your husbands debts considered at the beginning at all?
Im only asking taking into consideration the level of debt you both have & your income, a joint IVA may of been a solution.
It's a good idea to have a chat with your IP as they will be best to advise you on your situation & they need to know if your struggling. I know it's not easy - but hang on in there for other to advise better than myself x
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
Sorry that you are struggling. Have a word with your IP about it. Can your husband do an IVA to bring your outgoings down?
As to the house, these days the OR can keep hold of it for two years and three months before making a decision as to whether or not to sell.
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
