How will it affect my IVA if I add my wife as joint holder on my property and on the mortgage ?

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Jaikumar

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Post by Jaikumar » Sat Jun 11, 2016 10:48 am
Hi, I am currently in IVA and owning a propert on my name. Now can I add my wife as joint holder on my property and on the mortgage? Will it affect my IVA? In what ways it will affect my IVA?
 
 

kallis3

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Post by kallis3 » Sat Jun 11, 2016 11:16 am
Hi and welcome,

Wouldn't recommend it - your wife will then have her credit record impaired as you will have joint financial dealings. Much better to wait until the IVA is over.
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
 
 

Foggy

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Post by Foggy » Sat Jun 11, 2016 11:24 am
It would effectively halve your share of equity and I doubt the creditors would agree to that and would stop the transaction.

Additionally, as Kallis says above, your financial association would then taint your wife's credit record and lower her credit worthiness.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Jaikumar

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Post by Jaikumar » Sat Jun 11, 2016 10:24 pm
Thanks for all. Why I asked is I am struggling to pay the mortgage and now we are almost separated and as we have children she is trying to get property adjustment order. So I left the house and living somewhere and my wife is living there with children. Any advice please?
 
 

kallis3

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Post by kallis3 » Sat Jun 11, 2016 10:35 pm
Only what has already been said.

Your joint financial association would make it difficult for her.

You can try an rent somewhere.
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
 
 

Jaikumar

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Post by Jaikumar » Sun Jun 12, 2016 3:52 am
Thank you very much
 
 

Shining

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Post by Shining » Sun Jun 12, 2016 3:54 am
I hope that you can find a solution - all the best.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Foggy

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Post by Foggy » Sun Jun 12, 2016 10:07 am
Once the finances have "settled" it might be worthwhile doing another I&E with your provider to see if your payments can be adjusted, if your outgoings have increased.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Jaikumar

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Post by Jaikumar » Sun Jun 12, 2016 7:09 pm
I will do that. Thank u for all
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