HI
I have just found out that my wife has a large amount of unsecured debt around 20K from her previous marriage. She is considering entering into IVA. As we have a joint mortgage will entering the IVA have any effect on that? I believe that the house is in negative equity at present. Should I consider removing my wife name from the mortgage now, or should I leave her on it. Also do I need to inform the mortgage lender if she enters into IVA. If so could that have an effect.
Any advice would be greatly appreciate.
Thanks
Keith
Hi Keith - welcome to the forum. If the debts are from before you got together - i.e you were not invovled or benefitted fom them then no it will not have any effect on your joint mortgage and no you do not need to inform the mortgage lender.
The best thing is for you/your wife to speak to 2-3 professionals to get specific advice on your situation to see what your options are and the implications. You will be under no obligation but you will be better informed before making such an important decision.
There are highly recommended IPs on here and reviews to read at www.iva.com
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
Hello Tina
Thank you for the advice, my wife has spoken to at least one adviser about IVA. Just another question if I may.
She has also been told of the option for debt management plan, which I believe she said would 12 years to complete. Which in your opinion is the better option?
Thanks again
It really depends on her circumstances and preferences. If she wants a legally binding arrangement to protect her from her creditors, with a fixed end point and that will guarantee the interest is frozen an IVa would provide that. If she wants to pay back every penny no matter how long it takes and be in an informal arrangement with no protection then a DMP would be better for her. Either way, it depends on her overall picture as there may be factors which would not be acceptable by creditors in an IVA and therefore lead her towards a DMP anyway.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
I suggest that your wife does as Tina suggests and speaks to one or two companies. Visit www.iva.com for a list of companies - the advice is free and impartial.
An IVA will be a shorter term and will stop all interest and charges being placed on the accounts.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Welcome and keep asking your questions - we are all here to offer help !
You should take advice from a few companies - don't just rely on one - as Tina has said it will depend on your wife's circumstances and the amount of money available to creditors each month - An IVA does give you protection from your creditors and so long as all are included from the outset you are debt free at the end of your IVA ! Goo lukc and let us know what way you decide to go !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Tina S wrote:
It really depends on her circumstances and preferences. If she wants a legally binding arrangement to protect her from her creditors, with a fixed end point and that will guarantee the interest is frozen an IVa would provide that. If she wants to pay back every penny no matter how long it takes and be in an informal arrangement with no protection then a DMP would be better for her.
Regards,
A nice unbias post from the manager of a IVA bureau [:)]
Last edited by stewpots on Thu Mar 31, 2011 9:23 pm, edited 1 time in total.
There will never be a biased comment on here from an IVA company who posts on here.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I think for the OP's wife to contact a couple more companies is an excellent suggestion. www.iva.com is a good place to start and there you will find some reviews of these companies.
Your wife will receive impartial case specific advice on all debt solutions from these companies and most of all the advice will be free. The solution she chooses will be the best suited to her individual circumstance and I wish you both all the best. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
