Hi , may i ask:whatever is agreed and signed at the initiation stage of an iva it is legally binding and creditors cannot change rules at any stage?
Specifically if i agree to X amount per month and creditors likewise ,I take it they cannot force my wife into selling/remortgaing her home to release my equity share/beneficial interest in the property /
Additionally i am only named on bills ,i am not named on property .
i have 3 credit card creditors
1 bank creditor
debts 16/17 approx
if i have a legal document veryfing in writing that my wifes home is 100 per cent excluded from my personal iva i will go with that iva company ,again in writing /legally presentable document conclusively stipulating the above .
As previously stated Michael, you need to speak to an expert. We can only give general advice.
An ip will sort out your proposal and will tell you what the creditors will be happy with and what they may not.
At the creditor meeting they could very well impose modifications regarding the house, they did with me. It is then up to you whether you accept them or not
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
Hi Michael, an IP cannot guarantee to get your iva approved without including the property as this is not in their control and I don't think anyone would dispute you have a beneficial interest having paid half the mortgage since it was purchased five years ago.
So it will come down to you proposing an iva excluding the property and hoping the creditors play ball. If they want to include the property, you either enter the iva on their terms or call the iva off.
They are paying your mortgage so you can see why they would want a share of any return on this investment.
Does your wife know you are in this predicament...is that the problem?
Even if the IP leaves out the house then there is no guarantee the creditors will.
Our house was never mentioned in our proposal at all but it was a modification at the meeting that we had to try and release some equity or carry on for twelve months extra in lieu of that equity.
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
wife does not know anything ,has some suspicions i think ,she has no idea how much debt i am in , i really cant risk the creditors at a later date asking to include the house.
Additional to all aforementioned reasons regarding house is the fact that my monthly payment i reckon will pay 75 per cent of debt off at 60 month stage , so if they then took equity from the house it would be nigh on 100 per cent of debt paid off with nothing written off making it all unviable and unattractive
only plus would be no interest accruing but to pay it all off and risk of equity its a waste of time for me
many thanks
sincerely
take care
I think you should let your wife know about your problems, it may be difficult at first (been there and done that and come out the other side!!!)
If you can repay your debts within five years with an IVA then that has to be better than struggling along with interest and charges being added.
Please, please speak to an expert - the ones that post on here come highly recommended and can be found via the 'Ask a Question' link on the left hand side of the page.
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
I agree with Jan - you need to speak to a professional debt advisor and consider telling your wife. It will be nigh on impossible to enter any kind of debt programme without her being suspicious...how would you explain the change in your financial position, not being able to go on the same types of holiday, not giving big gifts etc? An iva which allows you to repay 100% isn't a waste of time unless you could repY your debts within five years without one. With my annual bonuses and regular payrises, I'll be paying 100% and am genuinely pleased to be able to do that. I look at it as debt restructuring with extremely favourable terms! Without an iva, I wouldn't be looking at debt freedom in a few short years. Don't write it off because you may not benefit from any debt write off (I didn't mean that to sound as corny as it does!). And please consider at least proposing an iva, if the creditors want to include the house and you don't; walk away from it then. At least you will have tried!
This does need sorting out off forum both family wise and advice wise. We can only give general advice, especially with something as important as equity in a house.
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
I must admit, if I was in your wife's position, I would obviously be shocked if I found out we were in loads of debt that I didn't know about (although, surely some of the debt must have come from spending on your wife or things you did jointly anyway?) but I'm afraid if I found out he had then gone and taken out an IVA without me knowing, it would be divorce!, seriously, you can't even consider going down this route without discussing things with your wife, whether you have joint debts or not, you are supposed to be a team, a partnership etc???, there is no way if you started an IVA that she would not find out, the impact on your financial life would be too great for you to be able to hide
We were in an DMP and took out further credit (how stupid was that???) and got further into debt and he asked if we were ok and I always said yes. It got to stage where I was taking money from the ATM and then paying it back across to make the minimum payment and of course it had to give.
Hubby found out on my birthday (not good!) but we gpot through it - it's always best to share it with your partner.
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
Oh Jan, I don't think we were far from that to be honest, although I am grateful that we were always straight with each other from day 1 of when we started down the debt road, but I understand many couples can't for many reasons discuss these things with each other.
I was terrible - always telling him that things were ok when I took out further loans. Once I told him what was happening then we were ok and things are straight between us know - it is good not having secrets.
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
I'm of the same mind Lem. Debt in itself is minor in the grand scheme of things; it would hurt me more to think my OH couldn't or wouldn't confide something as fundamental as an iva with me. That would eat me up!
michael 3 years ago i tried the same stunt i kept my wife in the dark.
the worst decision i ever made she found out just by opening a letter then i had to explain.
you cannot not tell her my iva was just in my name but i had to submit her pay slips on the initial application.
also i had considerable equity in my property and she had to sign an agreement for the i/p to register his interest in the house.
i was very lucky my iva went through and i am only 4 payments and a 3 k pay in and i am free.
My family supported me but it was not good they were opening my post as they felt I had betrayed there trust.
Be honest tell her
Good Luck
Good advice Maister! It is a conversation worth having. In the interests of not forcing my opinion on anyone (would I?)... If you can't/won't submit a spouse's income the IP can assume a 50/50 split on household expenses. It is more difficult to get round the issue of owning a property together, even where it is in one person's name as there is the matter of mortgage contributions to verify and beneficial interest to be determined.
