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Hi

My partner has an IVA (this hapoened before we met). He has no property equilty and the total debt was £35k. He has paid 18 months @ £400. A settlement figure has quoted £37k to early settle. We wanted to offer £10 - £15k to settle as we want to marry and clear this. 2 questions ... 1) is it likely they will settle due to no equilty etc (there is £18 of the orginal IVA left to pay). 2) If we do marry can the equity on my property be taken into account even if the debts are soley his?
Many thanks
Ang


Ang

I think it would be a good idea to offer around the same amount as would be paid should the iva continue to the fifth year. If the house is yours and in your name all equity is safe. Im not really sure what happens when u marry but Im sure as the house is in ur name and as u can show ur new hubby hasn't been paying the mortgage the equity will still be safe.Best thing would be if your partner contacted his own ip and ask for a settlement figure then when u come up with a number ask for a creditors meeting on the grounds that you are loaning him the money to settle early on the basis his monthly surplus will then go to paying you back.

Ang

How on earth has this settlement figure been calculated? I would have thought more like £17,000! Ask the IP to justify these figures, as there is something not quite right here!

Rest assured your own equity is safe from the clutches of your husband's creditors!

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