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Hi A lot of the debt I have my wife doesn't know about would I be able to sort out an IVA without her knowledge which would save me from serious grief

Hi hol and welcome to the forum

Potentially you can propose an IVA without your wife's knowledge, but I would not recommend such course of action. Your wife would undoubtedly be a great support to you during the proceedings, and to do this without her knowledge is likely to cause difficulties for you.

If you own a property which has equity in it, and is jointly owned, then your wife will have to give her permission to any future raising of funds - which creditors are likely to request.

And notwithstanding whether you wish to inform your wife or not, your IP will need details of her own income and expenditure to be confirmed, to ensure that you are making a fair contribution towards shared expenditure.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Welcome to the forum Hol,

As Melanie has already advised I don’t think keeping your wife out of your IVA is the best option. Remember that the usual term for an IVA is 5 years, this is a long time.

I know that you are apprehensive but think of the great support that she can give you during this time rather than going through the journey alone.

Hope this information is of use

Regards. IVA Experts

Hi there
I have to say that i fully agree with Melanie and IVA experts.
I thought i could keep my Husband in the dark about my finances and weverything all got on top of me an i tried to take my own life before Xmas. Obviously after this my husband knew everything, he was so cross that i had not told him before, and has been nothing but supportive. I know it feels like you cannot tell your partner.
I am now on the road to sorting everything out and i have my creditors meeting on 29 May.
There is light - honestly
Zoe
xx

me same a zoe knew we were in a mess, with debt but as i paid the bills ect my husband gave me his wages each week to sort stuff i took it on my self as to blame when thing went wrong, i didnt say anything to husband just kept hiding mail n i got out phone number changed he found out one day when he opened a letter of mine and there it was in black and white, i too got so low i felt no way out but to take my life but then i though how unfair to go n leave my kids n hubby with all my mess. n what would it achive except hurt n upset for those i left behind, my meeting is on the 14th may, and now my husband knows about everything things are better between us. yeah im scared n get very down still esp not knowing wheter the IVA gona get approved, but at least if it dont we can fight it as acouple tc

Hello Hol

I would just like to say its really common to feel isolated when you had debt problems, I didnt tell my family and it really did affect my health, eventually I had to tell them and I recieved and still recieve support and advice. We all feel shame with debt but you can forgive yourself for it and so will your partner, how would you feel a) if she was keeping something from you and b) if she was worrying and struggling alone. An IVA is not an easy route to go down and I feel that you will need her support. OK, so she may be a little shocked at first but people we love are so much more important than pounds shillings and pence. (not that I remember shillings). We all make mistakes, that lead to problems and these are so much easier to deal with if they are shared.

Good luck and please keep posting.

LILY

can it be, I am forever loved and you are watching over from above, isnt faith believing all power is not seen?

Hello

I would echo the opinion of the other experts by saying that the best thing to do would be to be open with your Wife about your debt problem.

An IVA could potentially be organised separately but as Melanie says this will be almost impossible if you own a house jointly that has equity. As IVA Experts says 5 years is a long time to hide this from your Partner. I think the posts by many of the others who have been through a similar ordeal show that the support of a Partner is vital during the course of an IVA.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp