Can husband take personal loan to settle my IVA? IVA is only in my name.

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l
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by l » Sat Jan 20, 2018 10:01 am
I have been paying into an IVA for 7 months. This is my own debt and completely separate and prior to me being married to my husband so he’s income is included within the budget but his name etc isn’t included as my debt. Anyway my husband has proposed to get a loan out for £5000 which is just under the amount I would have fully paid back when the loan is satisfied. The repayment amounts are roughly the same as what I pay into the IVA. Could I offer an early settlement or would they not entertain the idea as it’s a personal loan taken out by hubby? I’m desperate to move on with my life and not have this hanging over my head. I know my fault entirely for causing the debt but with depression redundancy then an unexpected pregnancy my hands were tied. I feel like I’m never going to be feeling :-(
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Foggy
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by Foggy » Sat Jan 20, 2018 10:06 am
He is solvent and his financial affairs are his own business. If he decides to "gift" you a lump sum so that you can both carry on with your lives then that should be acceptable, assuming the offer amount itself is accepted.
L82
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by L82 » Sat Jan 20, 2018 10:24 am
Not sure what happened there but I had to re register. Yes his accounts are in order, my IP office is closed today so just wanted to find out if it’s possible before I contact them to discuss. Would he have to take the loan out and have available in his bank account prior to acceptance? Is it difficult to get a F&F settlement agreed? The amount I will offer will be the same as the amount thgbwojkd be paid if I continued to make payments for the full term. I have also noticed I need to make sure they don’t think this is a windfall.
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Foggy
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by Foggy » Sat Jan 20, 2018 10:46 am
L82 wrote:
Not sure what happened there but I had to re register. Yes his accounts are in order, my IP office is closed today so just wanted to find out if it’s possible before I contact them to discuss. Would he have to take the loan out and have available in his bank account prior to acceptance? Is it difficult to get a F&F settlement agreed? The amount I will offer will be the same as the amount thgbwojkd be paid if I continued to make payments for the full term. I have also noticed I need to make sure they don’t think this is a windfall.


He would need to be certain that he would be able to actually get the funds and be able to demonstrate this to your IP --- to get the F&F accepted and then to be unable to pay would be catastrophic! F&F offers are normally quite straightforward and will depend on who you are with as to how simple or otherwise they make it. You need to make it clear that the money is from a third party and is for the purposes of a F&F only. If your offer is rejected the money will be retained by the donor and will no longer be available to you or the creditors.
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