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

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gary724
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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.
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Foggy
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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.
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moira717
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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?
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Lisa Thomas
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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.
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