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Posted: Mon Feb 25, 2008 8:04 pm
by pls
My estranged husband has run up credit card debts of £15k. Although I pay all the mortgage payments each month he is still on the deeds/mortgaqe at the present time. If he enters into an IVA will/could it effect my house? We have an 11 year old who resides with me.
Posted: Mon Feb 25, 2008 9:36 pm
by emma_t
Hi pls and welcome to the forum
I am not an expert and do not know the answer to your question, sorry.
A lot of the experts are at the frugal friends meeting tongiht, but hang in there someone will be along soon to answer your question.
Best wishes
Emma
Posted: Tue Feb 26, 2008 12:31 am
by size5
If he has an interest in the house then yes, it may be that it would affect any proposal. Unfortunately, you don't provide enough information to give you a definitive answer to your question, so you may be better off approaching a specialist directly.
Regards.
Posted: Tue Feb 26, 2008 9:18 am
by MelanieGiles
Your ex-husband will be required to explore the possibility of raising equity against his share of your house during the final year of an IVA - which of course as co-owner you will need to agree to. You ought to take independent legal advice on your position, and maybe it is time to finalise your marital situation and seek an appropriate consent order with regard to your finances and jointly owned assets.
Would you be able to buy out your husband's interest in the property, and does he make any contribution towards the running costs or mortgage at present?