I am half way through my Iva. It’s only in my name, my income and expenses and my husband isn’t mentioned anywhere .He is willing to pay it off for me following the instructions . Is that allowed? He has just retired and has a lump sum bigger than the debt.
Is anything of his at risk? Do we have to declare his relationship to me or his address if we use the official letter Template , an online bank statement And his passport ?
Yes, he can make a lump sum payment. This is usually based on remaining payments, plus 12 if you are a homeowner, and can, sometimes, be rounded down a little.
For money laundering regulations the IP will need to verify your husband's I.D and the source of the funds. I do not see why they need to be kept in the dark regarding his address or relationship to you, but you do not have to reveal these if not asked. If asked, however, refusing to answer might make the IP less co-operative with the process.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
to add to foggys response. Remember if you are able to conclude your iva your credit record will remain impacted until the 6th anniversary of your iva start date, so some restrictions will continue to exist.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
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
Yes we live together. He pays the mortgage and bills so only food, mobile phone and children expenses any my living expenses ( petrol etc) went though my acct. No house contributions.
I can't see why he is unwilling to give the address.
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
He isn’t refusing to give his address - I want to make sure that his finances are not at risk by him lending me the money to pay it off. I want to make sure I am not jeopardising any savings he might have. We have separate finances .
His finances will not be at risk at all. If you have any joint accounts (such as mortgage) it will have an impact on his credit rating but nothing else.
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
He is, basically, paying a bill on your behalf. This does not make him liable for the bill.
It is fairly common practice for a friend or relative to generously act as a donor for a full and final settlement and, so far, I have not been made aware of anyone suffering any comeback. We do suggest an additional caveat to the offer and that is that the lump sum is offered for the purposes of a full and final offer only and, if the offer is rejected, the monies will be retained by the donor and will not then be available to the creditors.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I would also say that it is a gift rather than a loan.
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
