considering my options

[helenl.w]

I am considering my options with regard to a large amount of unsecured debt I presently have and wondered what the implications if any would be towards my husband if I was to apply for an IVA and all the debt is in my sole maiden name.
Regards
Helen

[Adam Davies]

Hi Helen
Most IPs now have to take into account both your incomes so that they can determine that you are paying a fair share for your household costs.For example if you earn 40% of the household income then you would be expected to pay 40% of the household bills.Any remaining monies would then form your IVA payments.Another way that some IPs calculate your disposible income[IVA payment]is to take your joint income and joint expenses and then divide any surplus by the ratios that you earn,so in the above case 60/40.
The final implication is that if you are a homeowner you would have to remortgage your share of any equity towards the end of the IVA.
Regards

[MelanieGiles]

Andy is absolutely correct, and this is always a dilemma for parties who have incurred debt prior to a relationship, where creditors take the attitutude that the non-insolvent partner should contribute to the debt repayments.

Of course some partners are actually happy to help out, and others point blank refuse to be drawn in - so I guess the options available to you pretty much depend upon how supportive your partner is likely to be.