www.iva.co.uk

My partner as £54'000 worth of debt. Decided IVA is a better option than BR. Phoned a few companies and one is calling back tomorrow, however my partner was told they need to know my details.....why? The mortgage is in my name. and at present he hasn't contributed towards house bills as his loans take all his money. We've just had a baby and next month I only receive SMP. So i'm worried how we're going to make ends meet as it is. So why do they need my details if I have nothing to do with his debts ? please help

Hi and welcome.

Your income has to be taken into account for the day to day living expenses and to determine what payments he has to wait.

Why don't you contact one of the firms who post on here? Melanie Giles, Size 5 are IP's who come highly recommended and will tell you of all options open to you and what would be best for you. They will also explain why your income needs to be taken into account.

Are you aware as well that in year 4 you will be expected to release some equity in your house by way of a remortgage?

Your details are needed so the IP can determine that each of you are paying a fair share towards the houseshold income based on your individual earnings. This is quite normal, and not intended to be intrusive into your affairs.

As you are living together as a couple, creditors will take the view that you have probably benefitted from your partner's debts and therefore ought to contribute something towards them being repaid. If this is not the case in your relationship, then the IP your partner chooses to represent him must make this clear within the IVA proposal.

I don't necessarily agree that you will need to raise equity in your property if it is in your name and your partner has not contributed anything to it financially, but this would be dependent again on your circumstances.

A difficult one as presumably your partner has been reposnsible for payment of some or all of the upkeep/rates/electricity etc etc - you do need independant advice from an IP. Melanie is right in that it is the total household income and expenses that are applicable and it is not to be taken as being intrusive - whether your partner has an "equitable interest" in your home is something that only by taking professional advice will you know the answer. Good luck - visit www.iva.com for recommendations on relevant practitioners.

Speaking to a professional will give you advice as to the best way forward for your circumstances.

You should be told of all the options open to you. Give one or two a ring so that you get a balanced view.

www.iva.com has lists of reputable companies you can contact.