i am entering into an iva but not my husband, the only financial association we have is a mortgage which we have never defaulted on. Will my husband have trouble getting credit once i enter the programme and if so would it be better if i took my name off the mortgage
You wont be able to take your name off the mortgage as in the iva you will be expected to release equity at some stage.
It is safe to say that your husbands crdit will be affected by your iva as you are financially linked.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
plasticdaft wrote:
You wont be able to take your name off the mortgage as in the iva you will be expected to release equity at some stage.
It is safe to say that your husbands crdit will be affected by your iva as you are financially linked.
Can I ask which company you have looked at for your iva?? Ask anything you like on here ,no matter how silly it may seem. The answers are all out there waiting for you.
I assume all the debts are yours alone??
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Hey sa62, welcome to the forum. As plasticdaft has said, as you are married, your husband can not financially dis-associate from you. Are all the debt in your name only and does your husband have any debts? How much equity do you have in your home and how much do you owe in unsecured debts?
Viki.W wrote:
Hey sa62, welcome to the forum. As plasticdaft has said, as you are married, your husband can not financially dis-associate from you. Are all the debt in your name only and does your husband have any debts? How much equity do you have in your home and how much do you owe in unsecured debts?
Hi, The debts are all in my name, we have a joint mortgage but have never defaulted. we have approx 30,000 in equity, but the building society reckon our house is worth less so we have in their eyes gone up to86% of borrowing and can only have 85%, all my debts are unsecured
I assume that you will have already consulted an insolvency practitioner to act for you, so am wondering what advice you have been given about your husband's position.
There is a common concept in the eyes of creditors that couples are not financially independent, but pool their money and hence their debts. Whilst this may not be relevant to your case at all, your creditors will want to know what income and expenditure your husband actually has, and if there is a surplus they are likely to ask for this to be paid towards your debts - on the assumption that he benefitted in some way from the borrowings.
plasticdaft wrote:
Can I ask which company you have looked at for your iva?? Ask anything you like on here ,no matter how silly it may seem. The answers are all out there waiting for you.
I assume all the debts are yours alone??
Hi, I am looking at debt free direct, yes all the debts are mine. What is it like being in the programme? do they leave you with any money??
MelanieGiles wrote:
I assume that you will have already consulted an insolvency practitioner to act for you, so am wondering what advice you have been given about your husband's position.
There is a common concept in the eyes of creditors that couples are not financially independent, but pool their money and hence their debts. Whilst this may not be relevant to your case at all, your creditors will want to know what income and expenditure your husband actually has, and if there is a surplus they are likely to ask for this to be paid towards your debts - on the assumption that he benefitted in some way from the borrowings.
I married my husband 18 months ago, it was his house and he put my name on the mortgage once we married, i bought these debts with me, My husband has been very good to me and borrowed money in his name for me, if anything I have benefited from him and feel awful that i am putting him through all of this.
Then your IP should make that absolutely clear to your creditors when putting forward your proposals - and fight for you at the creditors meeting when you are asked to confirm his details. Creditors will almost certainly demand his disposable income, and it takes a dedicated IP to make sure that your interests are properly represented.
MelanieGiles wrote:
How far have you got into your IVA application, and what advice has your IP given you with regard to your husband and his disposable income?
I have gone through everything with them and they have sent me the packaging and now I have to check it all and return with relevant paper work etc. They have put both incomes together but have not included any of his debts, just day to day living expenses. they ahve put our 2 salaries together then taken away the day to day things like food fuel etc.
