When setting up an IVA your wife will need to provide her income details so that an assessment can be made to ensure the bills are fairly paid across both of you - she will not need to be involved in the IVA otherwise.
You may have an equity release clause built in for the latter stages of your IVA (year 4) - at this stage you would be expected to release some of the equity into the IVA for creditors - this is standard. Your wife will need to be aware of this requirement from the outset.
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If any of your unsecured loans are joint ones, be aware that if your wife is not in an IVA she will be liable for the whole of the debt, even though your half will be included.
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The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Not only will your wife need to be aware of the equity release provisions, she will have to formally agree to raise further monies at the end of your IVA if there is sufficient equity in the property.
Has she benefitted at at all from any of your debts, or was the money you borrowed spent entirely on yourself?
Actually she would have to agree to you raising further monies from your equitable share in the property not hers. This would be restricted to 85% of your interest and subject to Loan to Value at the relevant time - usually in the final year (5th) or your arrangement.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
You will probably find as well that there is a restriction placed on your house so that you cannot sell it without permission of the IP. Your wife will obviously have to agree to this as well.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
