Mortgage Question

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Ellen_Smart

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Post by Ellen_Smart » Wed Jul 07, 2010 4:16 pm
My debts total about £25k. They'll all in my name, but I'm married and have a joint mortgage. We have a mortgage of about 80% of the houses' worth. Will this affect my eligibilty? What happens in year 5? My husband doesn't have as much debt, but isn't in a financial position to pay back mine.
 
 

MelanieGiles

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Post by MelanieGiles » Wed Jul 07, 2010 4:21 pm
Hi Ellen and welcome to the forum

Is your husband aware of your debts? And if you were to propose an IVA would he support you both emotionally and financially?

If you are looking at proposing an IVA to creditors then this may well be possible - but I would seed advice from an insolvency practitioner in the first place, who will also be happy to speak to your husband as well to make sure that you both understand the implications of the arrangement and how your property may be affected.
Regards, Melanie Giles, Insolvency Practitioner
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