My son-in-law has £50000 gambling debt

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jane448
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by jane448 » Thu May 04, 2017 8:53 am
My son-in-law has £50000 gambling debt that my daughter was totally unaware of. He is about to enter into a IVA. They own their own property, my husband and I paid their deposit, and I am concerned that if he defaults on the IVA, their house can be sold to pay his debts. They have owned the property for two years and have two preschool children. Both work, my-son-in-law full time my daughter four days.
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kallis3
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by kallis3 » Thu May 04, 2017 9:07 am
Hi,

Has he addressed his gambling? As regards their house it will be included in the IVA but as long as the mortgage is paid it will be fine although he may be asked to release equity in a few years.
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Michael Peoples
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by Michael Peoples » Thu May 04, 2017 12:34 pm
If you paid the deposit I assume you took legal advice to protect the money. If not then the money was either a gift or an unsecured loan which could rank for dividend within the IVA.

Your daughter should seek independent legal advice because if he does default or gambles again then the property is at risk but if he maintains the IVA agreement the property should be safe.
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Foggy
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by Foggy » Thu May 04, 2017 6:13 pm
Any equity release involved in the IVA will relate to his share only. Currently it will probably be dealt with by extending his IVA, as it is almost inpossible to release equity (but things change).
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Lisa Thomas
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by Lisa Thomas » Mon May 08, 2017 2:39 pm
As Michael suggests you should file out how the property ownership was split when they brought the property and whether the deposit was used to increase your daughter's share/paid back from first proceeds.
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