if husband gets job can we get an iva?

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sue.ue

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Post by sue.ue » Fri Aug 20, 2010 7:00 pm
we have credit card debts of approx 30,000.we own our home value approx 140,000. we are currently on benefits but hubby may have a job soon (fingers crossed!)...if he gets this job can we get an iva once he is working and would our home be safe? we've read about equity release and/or extra year...so if this was attached/applied to an iva how much equity would we be trying to raise?
 
 

Adam Davies

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Post by Adam Davies » Fri Aug 20, 2010 7:02 pm
Hi
It is possible that an IVA will be suitable once your husband finds work, it will depend on the level of disposable income that you have left over and your equity level. How much do you owe on your mortgage ?
Regards
Andam Davies
 
 

sue.ue

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Post by sue.ue » Sat Aug 21, 2010 4:21 pm
hi andy thanks for reply.
we don't have a mortgage we bought house two years ago with parents. the house is on our name.
 
 

RHB

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Post by RHB » Sat Aug 21, 2010 6:06 pm
Thing is, as your house equity is worth more than your debt then you arent insolvent & so don't qualify for an IVA. Maybe when your husband gets a job you could pay off your credit card debts?
 
 

Adam Davies

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Post by Adam Davies » Sat Aug 21, 2010 7:43 pm
Hi
If your equity level is higher then your unsecured debt level an IVA will not be possible. You could however look at a debt management plan as an alternative
Regards
Andam Davies
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