I have just sold my house which I purchased 8 yrs before getting married, the house was rented out and we never lived in it, my wife has never paid a penny toward it. I put the cash in my only bank account, my wife is on the account so that I could give her a card and access to my money as she runs out of hers due to her debts, she has never had her wages put into that account and none of her bills have been paid from it. She is now getting an iva can they take my life savings from me as she is on the account in name only?
The money is at risk and so is your credit rating. She has to be taken off the account asap unless you consider paying off her debts in their entiety.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I, too, would advise you get her to open her own account and take her off yours as soon as possible. I would also advise her to choose her IP carefully.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi and welcome to the forum. As others have said, take your name off and remover the money or take your wife's name off the account asap.
In regard to choosing and IP advise her to talk to at least 2 or 3 to gain case specific impartial advice. Looking around the forum can also give you an idea of whom to choose and who to avoid so to speak.
All the best.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Choose wisely! The fact is the house is a marital asset irrespective of who paid what, unless you had a prenup? Creditors and IPs can be very insistent on getting monies due.
My own opinion, if my hubby had money and we were married for richer for poorer, I would want him to help clear my debts to avoid an iva. Doesn't seem right but that's my opinion only!
I agree with others if your wife has to go into an iva then remove all financial ties before she does so.
Although it maybe too late as credit searches will show up a financial link to this account and may continue to even after the removal of her from the account.
Is there no way you could support your wife in clearing her debts without the need of the iva and then agreeing a 'repayment' option ? This would help both yours and hers long term credit rating as you may find your own credit history is impacted if an iva is started due to the financial links
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
