If I agree an IVA for my debt would my wife's house be at risk?

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1
User avatar
Posts: 1
by gary724 » Tue Jun 06, 2017 11:25 am
If I agree an IVA for my debt would my wife's house be at risk?
I came into our relationship with my debt she has owned the house for many years and I am not on the mortgage
Thank you.
User avatar
Forum Expert
Posts: 24901
by Foggy » Tue Jun 06, 2017 1:05 pm
Every now and again an IP might try to tell you that you have an equitable interest in the property ( I believe one of the "charity" firms likes to try this). However, this would be difficult to prove and would probably have to go to court for a ruling.

At the end of the day, if the proposal mentions the house, don't sign it.
User avatar
Posts: 210
by moira717 » Tue Jun 06, 2017 1:07 pm
Hi I was in same position as you, my husband's house was his before we met and I never contributed to the mortgage. I took on a 6 yr iva to relinquish any equity I may/ may not have in property. Could have maybe pushed for a 5yr but my return was fairly low anyway. Who are you with?
User avatar
Lisa Thomas
Industry Expert
Posts: 6257
by Lisa Thomas » Wed Jun 07, 2017 9:01 am
There shouldn't be an issue - your proposals should disclose that you live in your wife's home.

If creditors believe a Trustee in Bankruptcy would be able to challenge that you have an interest in the property (highly unlikely and very difficult and expensive to prove) then they could reject the IVA but it is unlikely to be a commercial decision.
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 29 guests