I have debts around 19000, husband does not know about my debts

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rasheeda
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by rasheeda » Sat Feb 10, 2018 1:41 pm
I have debts around 19000 and i spoke to payplan they recommended iva for me. My husband got mortgage and i have disabled son and property is adapted for him. I really don't want to lose home as my hubby does not know about my debts.
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Foggy
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by Foggy » Sat Feb 10, 2018 1:50 pm
Keeping an IVA a secret for 5 or 6 years will be difficult and might not be the best solution. I would strongly suggest you chat to a couple of other firms to compare advice, especially about equity release.
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kallis3
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by kallis3 » Sat Feb 10, 2018 1:58 pm
I agree with Foggy - do you have any joint finances at all? It will make a difference if you have.

I do suggest you come clean to him.
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rasheeda
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by rasheeda » Sat Feb 10, 2018 6:28 pm
Thank you for your replies.

Do i need to show all my accounts to the creditors or just where my income and benefits come and 2nd thing l don't have joint finance with my husband. I really can't tell him about my debts or if i go to iva.
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Foggy
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by Foggy » Sat Feb 10, 2018 6:39 pm
You will need to show the IP all of your financial accounts. He or she will need to verify your income and your expenditure and work out your share of the household bills. They will also need to sort out something about the house as with home owners the equity has to be looked at. Even with the house in your husbands name some firms will try to claim that you have a share of the house as an asset. Others might agree to ignore the house in exchange for an extra year on the IVA --- this would have to be sorted out right at the start.
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Keith White
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by Keith White » Sat Feb 10, 2018 6:54 pm
I would think if you have lived together in the property for some while it is highly likely that creditors would feel you have a beneficial interest in the property and it will come into play in the IVA. You will, I think, have to disclose all household income and outgoings inc your husbands pay. As others have said it is very difficult to keep this from your husband. Your name and address appears on a publically available insolvency register. I wonder how much you can afford as a monthly payment on all your debts? Could a Debt Management Plan be a better option - easier to set up without mentioning husbands income/outgoings or the property? But there is no debt write off.
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kallis3
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by kallis3 » Sat Feb 10, 2018 9:39 pm
I had awful problems with my hubby but in the long run it was for the best that I came clean
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