my wife has left me in a middle of a joint IVA

[Robert.cn]

my wife has left me in a middle of a joint iva she has said that she is going to make me bankrupt and she said that she will make sure that i lose the house the house is worth £120.000 our morgage is 80.000 but we have a secured loan on the property which is more than the equity of the property this is not included in the iva we also have unsecured debts of over 40.000 which is why we got the iva in the first place i have no arrears on the morgage or the secured loan on it. is it right that i will now lose every thing because she has walked out and left all the debts with me i mean these debts are joint not just mine and how can she decide that i go bankrupt this is not what i want in fact i would do anything to avoid this is there anything that i can do to avoid this

[shaved_ape]

Hi Robert,

The first thing I would do is speak to the IP. IVA's exude an immense strain on relationships and you're probably not the first to go through an acrimonious split during an IVA. Good luck.

[luluj]

welcome to the forum
I am sorry to hear of your troubles. hopefully your iva provider can work through this with you in order to carry on with your IVA and not lose anything.
Your wife will remain jointly responsible for all of your joint debts.
I would ask your IP to look at options of maybe separating the current IVA agreement and make it into individual agreements where both parties pay.
A full review of your income and expenditure is required urgently to assess what you can afford to pay.

we are here to give you offers of support advice anytime so please feel free to come back

[TheArtist]

Welcome Robert. Firstly, as suggested, contact your IP with these details.

For a kick off, your wife is responsible for her debts within the 'joint' IVA. (It isn't a joint arrangement but 'interlocked'). She is also responsible for 50% of the joint debts. Therefore, you only owe, within the IVA, YOUR debts and YOUR half of joint debt.

Request a new I&E as suggested. You may find that your IP will be surprisingly helpful in these matters. If you can cope with new payments as well as your mortgage and other essential bills and you fulfil your obligations to your creditors, your wife may find it a little more difficult to 'make you bankrupt' as she seems to think it is.

Remember Robert, IPs, creditors and lenders would sooner have money coming in through mechanisms like IVAs than have you go bankrupt, wherein they would get nothing.

I wish you well.

[j109]

Hi Robert sorry to hear about your wife I had the same issue Came home from work one day to find her upset she told me she was in debt and I said dont worry Ill sort it (I had a loan 3K and Credit Card 6K)she had racked up 62K of debt on I honestly still dont know what but she was drinking. We looked initially into her going Bankrupt but told we would lose the house due to equity she lost her job due to drinking and not turning up so I entered an IVA with her to absorb her debts and keep the house (my daugthter was only 5 at the time). We got approved Feb 2007 and she slept with the next door neighbour in April of that year. As you can imagine I was gutted but perked up talked to my IP and they reduced my payments (slightly) and I maintained payments. I got divorced sold the house and used the equity (all of it) to pay off my IVA. There is light speak to your IP and explain the situation if she goes Bankrupt the IP will liaise with the BR Supervisor and do all the dirty dealings for you. You will inevitably need to sell the house sometime but remember you have £20K equity in the house which can go towards your IVA. Obviously each case is individual but Id advise be truthful and honest to your IP