Feeling hopeless

5 posts Page 1 of 1

Lal55

Posts: 1
Joined: Wed Nov 06, 2019 12:15 pm

Post by Lal55 » Wed Nov 06, 2019 12:23 pm
My husband took out an IVA without telling me a year ago for an £18k debt. I was obviously really upset, he said he didn't tell me because he didn't want to upset me, but we could have found a way to pay it with friends' and family's help (18k isn't that much of a debt in the grand scheme of things). He had also kept the extent of his debts secret, do it was a double shock. I have recently got a job, and his payments have now gone up from 190 a month to 500 a month because of my wage. It just feels so hopeless, I'm trapped paying money from my new job into a debt that I didn't know about and an IVA that I wasn't even aware of. Sorry, I just needed to vent. I'm home ill from work and in tears at the thought of 4 more years of this.

Foggy

User avatar
Forum Expert
Posts: 30460
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Wed Nov 06, 2019 12:38 pm
Might I ask which firm he has taken the IVA out with ?
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

Lisa Thomas

User avatar
Industry Expert
Posts: 7737
Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Wed Nov 06, 2019 4:17 pm
Is a lump sum full and final offer an option?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

itsmonika

Posts: 1
Joined: Thu Feb 06, 2020 5:11 am
Location: London

Post by itsmonika » Thu Feb 06, 2020 5:19 am
If you are separated and apply for IVA, does it affect your partners credit rating or the home or something else?

Foggy

User avatar
Forum Expert
Posts: 30460
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Feb 06, 2020 7:48 am
Thu Feb 06, 2020 5:19 amitsmonika wrote:
If you are separated and apply for IVA, does it affect your partners credit rating or the home or something else?
If you have or had any joint accounts or finances you could each be mentioned as an associate on each others credit reports, and the IVA of one could reflect on the other person. You can stop this by seperating all finances and telling the credit reference agencies to remove the association.

If the person going into an IVA is on the deeds to the home then he or she will need to release their share of equity towards the end of the IVA or, if unable to do so, the IVA will be extended by a year.
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
5 posts Page 1 of 1
Return to “friends corner”