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Posted: Tue Sep 30, 2008 2:26 pm
by witzend
My husband has run up a £30,000 debt in credit cards can he get an IVA without it affecting our house equity (house is in joint names)
Posted: Tue Sep 30, 2008 2:27 pm
by Lisa2009
Hi and welcome. An IVA would be a possibility depending on your circumstances but im afraid, the house equity or your husbands share would probably have to be released at some point for the benefit of his creditors.
Posted: Tue Sep 30, 2008 2:45 pm
by Adam Davies
Hi
The plus side of an IVA is that you retain control of your property.As Angie has said you may have to release some equity in the final year but this will be down to affordability and market conditions
Regards
Posted: Tue Sep 30, 2008 3:12 pm
by MelanieGiles
Your husband would only be required to look at introducing his share of any equity based upon future lending of a maximum 85% loan to value - and this would also be based on affordability, with your new mortgage payments not costing more than 50% of his current level of IVA contributions. You would also have to agree to this from the outset.
Posted: Sat Oct 04, 2008 10:56 pm
by David Mond
And your husband would only have to contribute 85% of his equity interest in the property and probably in the final year of any IVA arrangement