where does this leave me? Please help !

[l.g]

I am currently divorcing my husband. Our home is about to be repossessed, the mortgage is in both names and we have a homeowner loan in both names. He also has a lot of debt in his own name and says he is going to get an IVA. If he does, where does this me with regards the joint debt? Will I be expected to pay back the reminder of the mortgage after the bank has sold it and the all of the joint loan? Will I be tied into his IVA? I am a single mother, I work 16 hours a week and receieve benefits. My ex does not pay anything for his child. Please help!

[iva experts]

Hello and Welcome L.G,

When your husband enters into an IVA, you will be liable for potentially the full amount of any joint debts. This is because your husband's IVA will covers all his debts including joint debts. Eventhough this is the case, you will not be tied into his IVA at all.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[l.g]

Thank you but I still don't understand! I am going to have to pay for the outstanding mortgage and the home owner all by myself while he gets away with it because he has an an IVA? Or will he be paying them back as part of his IVA? Please help!

[iva experts]

Sorry l.g I may have mis-read your post, when your house is re-possessed usually they will sell the house at a lower value. If this is the case in your situation there may be a shortfall after the mortgage and secured loan is payed.

The shortfall can go as a creditor in your husbands IVA as this is now unsecured, however I would think that as this is a joint debt the creditors would/could come to you for payment.

Is this clearer? I know that it is unfair that you are persude for payment but its just because your husband share is covered in his IVA.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[Beechy]

Hi
I know from experience that if you name is as a joint borrower on the mortgage and the house is repossessed, even after divorce the lender will come after you.
Even if you have a legal arrangement where by your partner indemnifies you the lender will not take any notice of this, you will have to pay up and they pursue your ex partner for the money
Sorry it is not good news


Dave Beech

[l.g]

Thank you for all your advice, even though the news isn't good, at least I know where I stand. My ex is now suggesting we get an IVA in both our names to pay off the outstanding mortgage, the home owner loan and all his own debts. He says he will pay this every month and not expect any contribution from me providing I don't ask him for any maintainance for our son until the IVA paid off. Does anyone think this is wise?! Am I right in thinking that if he doesn't pay an IVA in both our names we will both be made bankrupt?

[MelanieGiles]

If you both propose IVAs and the payments are not made, you do run the risk that this could result in your bankruptcy.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[l.g]

It would just be one IVA in both names as we are still legally married at the momment. Would this be a good idea?

[Adam Davies]

Hi
You would each have to have an IVA as joint IVAs do not exist.You can have interlocking IVAs assessed on joint income and paid with one monthly amount.
Also mortgages and secured loans can't be included in an IVA
Reagrds

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[l.g]

Thank you. I think that's us both doomed then as I would not be able to get an IVA as most of my income comes from benefits. The biggest part of my husbands debt is the mortgage and the homeowner loan so he will not want to committ to something that won't cover all his debt. We cannot seperately or as a couple pay these debts. Is bankruptsy now our only option?

[Adam Davies]

Hi
On the info that you have supplied I would think that bankruptcy will be your best option,it will give you a fresh start and will put all your debts behind you.
Bankruptcy seems daunting but have a look at a couple of blogs from forum members that have gone through it,Scaredkez and Skippy13,and you will see that it's not as bad as you think.
This forum can also support you
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[james.c]

also if your husband is not paying anything towards your child might i suggest you contact the CSA

no matter how bad money gets, theirs stll alot more important things in life - 48 payments to go