Hello. Im considering doing an IVA but my wife is unaware of my debts.
I have a few questions.
1. Will i need to get proof of her income?
2. We both live in a property ownes by her. Ww moved in together and she paid the deposit from her savings. I did not have any savings (had debts, not savings lol) . She has since remortgaged the peoperty. It is solwly in her name. Could her peoperty be affected?
I have around 25k debt, mainly credit cards, and can afford around £150 per month.
Her property should be ok but you do need to speak to a few companies for advice - avoid the big factories and look for smaller companies for advice.
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
Some companies might try to go down the ' you have acquired an interest in the property' route, which, in my uneducated opinion is very thin ice with regards to the IVA. The IVA is yours and you do not need to prove the partner's income, but, in that case the IP will assume a 50/50 split of household expenses when calculating your disposable income, rather thabn a pro-rate split by income share.
Remember, an IVA, over 5 or 6 years is one hell of a secret to keep from a partner and could surface at any time. You will not be allowed any credit and your credit rating will be dust. You should not have any joint accounts either, or her credit rating could take hit as well.
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