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Will my Employers be informed as I work in a Bank with a relatively high position and as this is a financial institution , if I enter into an IVA will I not be regarded as a risk by my employers?
We have a joint mortgage with an outstanding of about £75,000 on the mortgage and debts of around £76,000 inc unsecured loans and credit card balances. However to date we have NEVER defaulted on a single payement to anyone.
I am worried that
(1) I could lose my job
(2) I could be forced to sell the house (worth about £100,000
I am not worried about myself but really am about my wife who is not fully aware of the situation.
The only joint financial agreement we have is the mortgage
All of the other debts are mine in my sole name.

Hi George
Your employers will only be notified if you owe them any money on an unsecured basis. Do check your contract of employment to make sure that there are no termination provisions in the event that you enter into formal insolvency proceedings.

You are absolutely no risk to your employers - the very fact that you are facing up to your financial difficulties and wanting to repay them something is commendable.

With regard to your property, you will have to face an equity release for your share only. Do you have any idea what your disposable income is, excluding any repayments to unsecured creditors?

This definately looks like the basis of a good IVA, subject to confirming the above points. And your wife will be completely outside the procedure, with her share of the equity intact, as she has no debts in her own name.

Do tell your wife about your situation, she will be very supportive to you throught the process, and you will eventually feel much better.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk