Can my husband have an IVA if I have debts too?

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magdalen

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Post by magdalen » Thu Oct 08, 2020 12:03 pm
My husband and I both have separate debts. He's debt is about 12,000 and mine 13,000. My repayments are quite low and my debts have less interest fees and are manageable from my salary. My husband debts became unmanageable because of high interest and high repayments. We want to put only him on IVA. Is that possible? Do we need to disclose my debts as well? I have some assets that belong to me and would want to sell them and repay a chunk of my debts. Can this be a problem if I will do it while he is on IVA?

Foggy

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Post by Foggy » Thu Oct 08, 2020 1:31 pm
Yes, he can have an IVA, assuming that is what is best for him and his circumstances, and you can carry on servicing your own debts yourself. If you have any joint debts, however, you would become responsible for the whole joint debt. You would also be free to sell your own assets to repay your own debt.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

magdalen

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Post by magdalen » Thu Oct 08, 2020 1:49 pm
Thank you!
Luckily we do not have joint debts. We did explore all possibilities and spoke to few financial companies. This is the best advice we got so far.

Keith White

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Post by Keith White » Thu Oct 08, 2020 4:13 pm
I agree. The right solution for one person in a couple may be different to their partner/spouses best or preferred solution.
Keith White, IVA advisor at iva.com
Contact me at http://www.iva.com/about-us/keith-white
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