just after a peice of general advice a girl who sits next to me at work after 28 years of marriage last summer split with her husband taking the debts with her that was in her name but walked away from the house, after stayin with relatives near on a year her parents gave her the money to put 6 months rent down on a flat her main concern now is when these 6 months run out she wont beable to afford the rent at moment with no rent she is just about breaking even once the rent runs out and she has to pay it herself she will be technically negative and doesnt earn a high salary
she owes roughly £20k in unsecured debts loans etc but her ex husband cant remortgage to get her name taken of the mortgage so she isnt sure wat avenue to go down IVA or bankruptcy but if she went into either program what would happen to the house even though she isnt living there would they take that into consideration?? any help would be appreciated
the best thing your friend can do is contact a few IP's for professional advice ...as a starting point use www.iva.com - there are numerous firms on their that can give a great service and I am sure one of them will support your friend !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
IVA's as good as they are (and they are) may become more complex with joint asset with equity! I doubt one can just walk away from a house that they have mortgage in part their name, just like that. Seek legal advice as to true ownership to mutual satisfaction, as first port of call, before you proceed with any debt resolution, just a thought!
Your friend should contact a few IP firms to gain advice regarding her circumstances to get a clear understanding if an IVA would be workable for her as you do need to have a disposable surplus - how the property would be dealt will also depend on how much equity if any is available,
Good luck to your friend and there is always someone on the forum to listen,
Kind Regards
Karol
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Our IVA's over YIPPEE unbelievable!Seems like yesterday it was approved despite everything
I disagree with you both why would you go to an IP to discuss matters of house ownership! IP are accountants (bean counters) not solicitors
Kel-23 insolvency and houses do not mix, so if you can keep it outside of any insolvency arrangement so much the better. From what I understand a deed of trust in his name might work, if she feels she has no claim to the asset and is willing to sign it away! But tell your friend to go have a chat to a solicitor first and get legal professional advice.
To prove my point if you read any posts on this site in respect to IVA and release of equity in a property you'll see it's nothing short of a migraine. In a case of an IVA "kiss" works well!
You are highly unlikely to be able to keep a house with equity out of the equation these days, even those without any are usually included.
Who knows how the housing market is going to pick up in the next few years? The creditors are just trying to recoup their losses.
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 wouldn't do anything to get rid of assets without advice from an IP or solicitor immediately prior to declaring insolvency as the decision can be overturned and creditors will not look favourably on these actions.
The asset will be dealt with within the matrimonial settlement and any subsequent insolvency process will take this into consideration. If your friend is struggling to repay debts that are no longer affordable, she may well need help in dealing with this.
To discourage someone to seek advice on this matter is pretty poor advice to be frank, and yet again disappointing to read on this forum.
Sponge, please don't make such comments to other posters. They are very childish and do not help the original poster at all.
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
