If my wife applies for an IVA will I be effected ?

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Jamie.mn

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Post by Jamie.mn » Thu Sep 16, 2010 2:09 pm
I have recently discovered that my wife has 3 credit cards and a loan with a total debt of £25,000. I pay for all of the costs of living including morgage utility bills etc. If my wife applies for an IVA will I be effected and will they take my money into consideration?
 
 

kallis3

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Post by kallis3 » Thu Sep 16, 2010 2:12 pm
Hi and welcome.

Is your wife currently able to maintain her payments to these debts?
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
 
 

liamjames

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Post by liamjames » Thu Sep 16, 2010 2:17 pm
Hi Jamie and welcome to the forum.

Does your wife have an interest in any shared property? If you have a mortgage together, she may be required to release equity via a remortgage. Otherwise it shouldn't affect you, although your wife won't be able to afford many luxury items, or help fund family holidays.

If she speaks to an IP and decides that an IVA is the way to go, be very careful when you check that her income and expenditure looks affordable.
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

Michael Peoples

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Post by Michael Peoples » Thu Sep 16, 2010 2:29 pm
If your wife applies for an IVA all of the domestic income and expenditure is taken into account. However, her creditors cannot demand your money but they would want to see that each party pays a fair share of the outgoings.

If your wife does decide to propose an IVA you should consider independent legal advice to protect your own position especially as there is a property involved.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Jamie.mn

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Post by Jamie.mn » Thu Sep 16, 2010 8:46 pm
Thanks for the warm welcome.

My wife works part time and we do have a morgage which she doesnt pay anything towards but her name is on the morgage. I havent had the house valued in a while but since we bought the property in 2004 we have since borrowed £20,000 against the equity to pay her last lot of debts off. I simply cant afford to remorgage to pay off the new debts.
 
 

MelanieGiles

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Post by MelanieGiles » Thu Sep 16, 2010 8:55 pm
I would have thought that an IVA might be very suitable for your wife Jamie, and suggest that you try and get her to call an insolvency practitioner for some advice as to her options.

She is in a difficult place right now, and will probably need your full support througout the process.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Michael Peoples

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Post by Michael Peoples » Fri Sep 17, 2010 12:18 pm
I agree with Melanie that an IVA does seem an option. Given that your wife has used equity for debt clearance in the past could reduce her equitable claim so be sure to point this out to your chosen IP and provide as much back up as possible.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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