is the best course of action to take.

[lordbanks]

I am appx £30k in debt to about 5 creditors.
I looked at the option of an IVA and was a little scared off by the equity release clause, I don't know if it applies to me.
Is it something that will definitely be included in an IVA?
My wife owns our house and I do not have my name on the deeds, but I understand that because of our marriage I am still entitled to a 50% share. Does this mean a potential equity release clause in an IVA would force her into this?
I decided to contact my creditors to see if they would freeze interest/accept lower payments or accept a short settlement (full and final).
Out of the 5 only 1 has been co-operative and frozen interest/accepted a considerably reduced payment.
I've now decided to look back at the option of an IVA but would generally like some advice as to whether this is the best course of action to take.
I can afford to make a sizeable monthly payment but I cannot afford to make my minimum repayments to all creditors.
Thankyou in advance for any advice you can offer.

[MelanieGiles]

Hi lordabanks and welcome to the forum

It is in no way certain that you have a 50% beneficial interest in your wife's property- this could only be calculated by working out what you had paid towards the property since you started living there.

You are better off seeking specific legal advice on this point before proceeding. If you do then decided to propose an IVA, your IP can specifically refer to this within the proposal. Have you consulted an IP to act for you yet?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[lordbanks]

We've been together for 2 years now and my wife has always paid the bills and the mortgage.
The deeds are still in her maiden name and there is very little equity in the property.
I haven't consulted an IP to act for me yet, should I do this now or wait until I've sought legal advice regard the equity release clause?
Thanks.

[Oliver]

Why not contact 2-3 IVA companies and discuss their feelings on this. Currently if there is little equity in the property then you would unlikely be able to release anymore money through a remortgage. However, creditors will look at the proposal over its term (potentially 5 years) and may feel that as you have contributed to the mortgage over this period of time you may be entitled to a portion of any equity that has been accumulated over this period.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[MelanieGiles]

I would get the legal advice first and then decide what to do.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp