My debt is 100K. My partner has savings of 40K, butdoes not work to look afterour3children. She will not help me any more financially. Will her savings be at risk?
Your partner, I presume, is not taking out an IVA? Are any of your unsecured debts joint ones?
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 Tony.
First of all good luck with your creditor's meeting and hopefully your problems will be resolved.
As to your question a creditor may enquire where your partner got her savings from in particular as she does not work. If the money is plainly hers e.g she inherited it, then your creditors cannot touch it in bankruptcy. However, in an IVA creditors may request some of the money as a condition of acceptance but your IP should be able to advise you if that should happen.
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
The IVA is in my sole name. None of the debts are joint.
My partner and I received proceeds from former house sale. Over the past couple of years I used mine to repay debt. My partner would not use her share and she removed from joint savings account.
I would read what Michael has said about the creditors possibly requesting some of the money. I would query it with your IP if you haven't already done so.
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
