Will an IVA effect my wife in any way as the debts are not in her name ?

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Russell.hm

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Post by Russell.hm » Sun Apr 06, 2014 1:28 pm
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Will an IVA effect my wife in any way as the debts are not in her name.
Also my mothers name is on my mortgage with me, showing she owns one per cent of my house as this was the only way I could get a mortgage at the time. Will an IVA have an effect on her.
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Foggy

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Post by Foggy » Sun Apr 06, 2014 1:50 pm
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If you have no joint debts with your wife the IVA will have no effect on her. Your mother's credit rating, however, might be damaged by association.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Michael Peoples

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Post by Michael Peoples » Sun Apr 06, 2014 4:18 pm
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If you have problems they could affect others whether an IVA, debt management or bankruptcy. Get some free advice from an IP firm who could advise further.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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Foggy

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Post by Foggy » Sun Apr 06, 2014 5:05 pm
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I might add that, if you are having debt problems, doing nothing could be just as detrimental.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Russell.hm

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Post by Russell.hm » Sun Apr 06, 2014 6:35 pm
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Thanks. In regards to my mother, would they try to re-coup money from her as her name is on my mortgage.
Cheers
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Foggy

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Post by Foggy » Sun Apr 06, 2014 6:40 pm
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No -- the only loan she could be chased for is the mortgage, which, I assume, you will keep paying. There will be equity to be dealt with towards the end of the IVA and a restriction placed on the property, which your mother would have to agree to.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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MelanieGiles

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Post by MelanieGiles » Mon Apr 07, 2014 12:29 am
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I doubt that it could be demonstrated that your mother has an equitable interest in the property, but as she is jointly liable for the mortgage then you will need to ensure that you do not fall into arrears which could jeopardise her position.

Is the mortgage on a repayment or interest only basis?
Regards, Melanie Giles, Insolvency Practitioner
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