My partner has managed to amount £17000 of debt behind my back and has now admitted what he has done. I think an IVA is for him however we have a mortgage together and equity in our home which I will not want touching can an IVA force us to access this?
I take it he is not able to keep up with the payments?
If he takes out an IVA then some equity will need to be released during the IVA.
He needs to speak to an Insolvency Practitioner to seek advice. Visit www.iva.com for a list of companies. These will go through all his options and advise as to the best way forward.
If you don't want to lose any equity, he can always look at a debt management plan. This is not as rigid as an IVA, but may take longer and there is not guarantee of interest and charges being frozen.
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 and welcome
If your partners share of the equity is more than his unsecured debt then an IVA will not be possible, however a debt management plan may well be.
Can you post more details ?
Regards
How much equity do you actually have in the property, and how much do you feel your partner could afford to pay to his creditors on a monthly basis via an IVA?
If the property is in joint names then only 85% of his share of any equity will be available for his creditors in any IVA. Would need full details of who he owes monies to and details of his disposable income before any advice can be given.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
