do hope that someone will be able to help.

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Jan.l

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Post by Jan.l » Tue Jun 08, 2010 10:06 pm
Hi,

Firstly, I would like to say that I have found your forum to be invaluable and on many occasions, usually until the early hours, I have used it as reference.

My partner has recently divorced and accrued a lot of debt during marriage. This was mainly as a result of his ex wife wanting to be a 'stay at home Mum' and the debt was in his name as she did not work. He accrued further debt when we moved in together as he used his credit cards to pay for day to day expenses.

As part of his divorce settlement he agreed to pay the remainder of the one debt they had in joint names. In addition, he signed over the equity of the home.

He is currently making an application for IVA with debts around £40,000.

We rent a house together however, I joint own a property and am currently going through divorce proceedings. I have a credit card debt of £15,000 in my name and make repayments of £300 per month. I always make payments on time but find it very difficult.

My partner's IP has taken my earnings into consideration when setting a monthly figure however, there does not seem to have been any consideration for the amount that I have to pay each month for my debts.

Our rent is £575 per month but we are considering moving into the house that I own as I am finding it difficult meeting my monthly payments. Ultimately, I am hoping to remortgage in my name and pay off my soon to be ex.

The mortgage is £350 per month so will the £225 difference have to go to pay for my partner's IVA if accepted. This does not seem fair as it is my property and we are not married. The move would be to enable me to meet my credit card payment more easily. I have two children living with me. One at university and the other at college so I do not receive any payment for either but need to provide for both.

Thanks for reading and I do hope that someone will be able to help.

Jan
 
 

Shining

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Post by Shining » Tue Jun 08, 2010 10:10 pm
Hi Jan and welcome to the forum, if the IVA is to be in your partners name and none of his debt belong to you, so long as you are sharing the everyday living expenses then your money should not affect his IVA.

We'll keep this bumped up for a professional opinion.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

MelanieGiles

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Post by MelanieGiles » Wed Jun 09, 2010 1:19 am
Are you sure you want any of your income to be included into your partner's IVA payments? I don't see why it should - unless he has insufficient income to be able to make a sensible contribution in his own right. But it is absolutely vital that you only offer up what you can afford AFTER you have paid all of your own financial commitments.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Michael Peoples

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Post by Michael Peoples » Wed Jun 09, 2010 9:34 am
I agree with Melanie Jan. You have no moral or legal responsiblity to your partner's debts and all that has to be shown is he is paying his fair share of the bills. Anything left is for his creditors and your surplus is yours to spend as you wish.

Take a second opinion as the advice is free and you may get a different opinion.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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