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Posted: Mon Sep 08, 2014 8:47 pm
by Tx1pete
Hello , I started my iva in 2011 and unfortunately my wife left me a week before Christmas 2013. I remained in the house and as I was trying to pay mortgage on my own, I couldn't afford iva and that failed.im selling the house and would really like to know if iva debts are joint in a marriage,even though I was only one in iva. Debts occurred due to a lot of building work on house. And then I became I'll and couldn't work for about a year.now my wife is going to benefit from house sale and I'll be left with not much. Also the iva company I'm with said as I'm paying back 100% of debt they are adding on a phenomenal amount of interest....is this right?
Posted: Mon Sep 08, 2014 8:52 pm
by Foggy
If you pay back 100% of debt and fees they will add 8% per annum interest. However, this has nothing to do with the IVA company as the IVA failed and is history (or are you starting a new one?)
The debts, if they were in your name are yours alone.
Posted: Mon Sep 08, 2014 9:05 pm
by Tx1pete
No I'm now making a full and final offer.... I thought I had enough to pay 100 percent. But then I was told i actually owed another 30k.
I wish I had gone bankrupt 3 yrs ago but that's hindsight for you.
Posted: Tue Sep 09, 2014 8:48 am
by Michael Peoples
I assume the IVA company are only taking your half of the equity and not your wife's. You may also be entitled to 15% of the equity in the property to restart so hopefully something is left.
Finally, creditors often waive statutory interest if repaid 100p in the £ so ask your IP to put that into the full and final offer.