www.iva.co.uk

Wife left me last June, we had loads of marital debt and she is paying none towards it....

I've kept house on and tried hardest to pay, now applying for an IVA if that fails then its bankruptcy for me. There is about 40k of debt....

Stupid thing is if there was no debt I could live fine in house...

Hi Steve and welcome.

Sorry to hear about your marital woes.

If you apply for an IVA and there are joint unsecured loans, then your wife will be chased by the creditors for the full amount as she is jointly liable for it, so she will have to pay in that case.

I recommend that you speak to an Insolvency Practitioner, either by visiting www.iva.com and phoning one or two companies on there, or click on the expert link on the left hand side of the page. The professionals who post on here come highly recommended and they will advise you of all the options open to you and which would be the best for you.

Well I hope they do, I have one joint loan for a large sum that we had 4 years ago. I've already been speaking to a company regarding this, they said i'd be paying my bit with the IVA and the creditor will be chasing for the other amounts. I had credit cards with her as a second card holder but the main name is me unfortunately.

I still don't know whats best though, an IVA or bankruptcy... All so depressing, 30 years old, divorced and nearly bankrupt...

Unfortunately I think you will have to write off any help from her towards the cards, but she will certainly be pursued for the loan, and for the whole amount as well, not just half.

Do you have any equity in your house? If not, and you can afford the mortgage repayments, then you might not lose your house in bankruptcy. If you have a cheap car, you probably wouldn't lose that either.

Steve - speak to a few IP's and get the best advice you can, before making your decision. Is there any equity in the house?

Don't beat yourself up about the possibiltiy of going BR - it happens to the best of us. If you have explored other options and BR is the best route then so be it, nothing to be ashamed of.

Good luck xx

Hi Steve

Have you actually consulted an IP firm yet? If not, it woudl be a good idea to so that you can learn more about all of the debt solutions available to you, including an IVA and bankruptcy proceedings.

Quite often when I am interviewing clients, people will say they will do anything possible to avoid bankruptcy, and then when we talk them through the actual procedure, implications etc they soon realise it is not as bad as it sounds.

Good luck with your journey, and let us know how you get on.

I've organised next stage of my options over phone tomorrow while im at work... equity in home is 0, was remortgaged last march but i'd say that 5% has gone over the last 12 months.

Does anyone know what I should do regardng transfering house to sole ownership being me? I have the forms but they are asking about my debt lol. She said the house is mine so if I can keep it I would like to. I jus dont want 5 years time for her to have any say in the house!

Oh and thas great news regarding that joing loan! I hate thinkin she is getting away wth this!

I am really not sure about transferring the house if you are going to go bankrupt, one of the professionals will help with that.

Regardless of whether you do IVA or BR, she won't get away with not paying towards the loan!

steve01 wrote:

Well I hope they do, I have one joint loan for a large sum that we had 4 years ago. I've already been speaking to a company regarding this, they said i'd be paying my bit with the IVA and the creditor will be chasing for the other amounts. I had credit cards with her as a second card holder but the main name is me unfortunately.

I still don't know whats best though, an IVA or bankruptcy... All so depressing, 30 years old, divorced and nearly bankrupt...

Could be worse,you could be 60 and getting divorced and made BR. At least at your age you have time to turn your life around.

Good luck with whatever you do to sort out the mess you have been left with.

Paul

If you have both decided that the house is to be transferred to your sole name, you will need to get the mortgagee's permission - but if this is granted then the transfer is a simple form filling in exercise. Having said that you ought to get a solicitor to ensure all is done properly.

The mortgagee will need to be assured that you can cope with a mortgage on your own, and therefore they will be concerned if you have a high level of debt which is eating into your monthly disposable income.

You must seek professional advice - firstly from a solicitor regarding the house transfer and then regarding your financial position an IP. Visit www.iva.com for reviews on several and speak to one or two and get comfortable with them and the advice that they give you. Good luck.

Let us know how you get on, I'd be interested to know how your ex deals with this![:D]

Ok had a lengthly discussion with IVA company, I have been recommended to go bankrupt instead of an IVA. He said as my car is worth under 4k and the house is 20k in negitive equity they will not take these.

I thought as IVA companies earn money from IVA's this was very sound advice. He said he didn't want me to suffer for 5 years under an IVA.

It does sound like pretty good advice and shows a clear path to the future mate. Which company did you chat with?