I'm new to this and finally taken the plunge to speak to someone about my debt! Long story short I have a rather large amount of debt to a fee creditors which I have told no one about, including my partner. I have since been starting the process of an IVA however I have a few questions that are constantly playing at the back of my mind:
1. My mortgage is due to be renewed in 2 years and I worry that at this stage we'll be rejected for a remortgage and my partner finds out why
2. My car finance agreements ends in 2 years and again I would have to try and agree new finance because I have no funds to buy a car and I worry this will throw something back
I know I should tell my partner but he is in a stressful job which I don't want to make worse, and I keep thinking that in 5 years time this will all be over and I can forget about the past debt and move forward.
Thanks in advance
I would imagine it would also be very difficult for you to obtain car finance during that period of time as being in an IVA will mean you will normally fail Lenders credit scores.
Are you in a joint mortgage ? If so your partner will be asked to sign a restriction on the property and you will be required to attempt to remortgage towards the end to release equity.
Hard as it might be, it will be easier for you both in the long run if you come clean to your partner. Hiding an IVA for 5 or 6 years will be a strain and might prove impossible.
I had a client a few years ago who had not told her husband. I explained she should really do so and she decided she would tell him over the weekend. She made him a cup of tea after 'Match of the Day' and sat him down. When she had finished telling him he burst out crying and said 'I knew there was something wrong but I thought you were having an affair. It is only 'Effing money' and we can sort that out'. The client said it was the best thing she had ever done and her only regret was not doing it sooner.
He may be a bit shocked but it is not the end of the world and only 'Effing money'.
I have thought so many times about what I would say to my partner but I worry that he takes it bad.
I do wonder if it is the right option for me based on the fact:
1. I am not missing payments for anything
2. We do have relatively good incomes.
I have just noticed recently that we are struggling month to month after everything has been paid. I have made a few changes to our budget in terms of reducing mortgage amount recently, cancelling gym membership, and other expenditure that we do not require. I have even thought about a second job.
Is an IVA something that I should really only consider if I am defaulting on payments?
Cutting back on unnecessary expenses may help but unless you can stop using credit to survive you may need to look at some form of debt help. Advice is free so speak to an insolvency firm and see what options there are. You partner will never know you took advice.
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