Very confused, scared and need advise badly

[johnz]

Hi guys I was hoping some of our experts out there could give me some advice.

When I started this whole IVA thing, it was made very clear that my husband did not want to be involved at all.

He was unaware of the debts I had, the house is in his name, and he already heavily subsidises me with our monthly bills. Regarding the house, when he took out the mortgage the mortgage company made me sign an agreement saying that I had no legal interest in the property at all.

During the initial process of getting i&e details, etc, etc, we were told that we had to let them have my husbands details, but only to prove that he was subsidising me.

So last night, I get a phone call saying that they don't know if they can propose the IVA because my husband has too much disposable income. They also said that despite the house being in my husbands name the creditors could still insist on some sort of equity clause.

I'm very confused and quite cross. At the end of the day ALL of my debts are unsecured. I thought the whole thing about unsecured debts was that your house was NOT endangered if you defaulted. Also, if a creditor can approach your spouse for money if you default, why the hell do they allow the credit without the spouse signing something to say they agree to this. My husband has signed nothing.

This is MY debt. MY mess. Not his. If they want to drag me through the courts, make me bankrupt, anything, FINE. Just please leave my husband alone.

I don't know what to do. I'm afraid my husband is on the verge, if not already having, a breakdown. The house was bought with the money his parents left him when they died. I have no right to make him sell it, legally or morally. If that happens, I don't know what he'll do.

I'm sorry for the rant, but I'm really scared. Any advise would be appreciated.

Thanks.

Johnz

[Skippy]

Hi Johnz, I can't really offer any advice, but I just wanted to say I hope you get this sorted out soon. I'm sure one of the experts will be along to advise you shortly x

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[johnz]

Thanks Skippy.

Today's a bad day. First the phone call last night and now today is the first day I've missed payments. So now I am officially a bad debtor and I'm just waiting for the phone calls to start. I don't know how much more of this I can take. I really don't.

Johnz

[Sensible77]

I don't wish to sound harsh, but from what you've posted bankruptcy would the best option for you. I'm no expert, but if you have no interest in the house at all I cannot see how it can be affected. If the debts are solely in your name, then they cannot approach your husband about them.

[scaredkez]

johnz i would be inclined to agree with sensible, if your hubby can prove you have no claim on the house, then you have nothing to lose if you have no assets in BR, unless it affects your job, i know morally you want to pay back what you borrowed, but when you weigh up all your options, BR is not as bad as it seems, i really wish you the best of luck and hope you get sorted soon
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[MelanieGiles]

Hi John

Unfortunately this is not about the law any more, but about creditors demanding ever increasing provisions under IVA proceedings, including requesting the money and assets of partners.

They operate on the principle that you probably did not incur the debts and spend all of the money on yourself, and perhaps your husband did benefit from some of the spending. If this is not the case, then you have have to put forward a pretty solid argument these days to have creditors only take your individual surplus income.

I would strongly recommend that you take appropriate legal advice before entering into bankruptcy proceedings, and that your husband takes his own advice, as there is no turning back once you have gone down that road, and you both could have a nasty surprise if it is deemed you have a beneficial interest in this property.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp