Iva without partner knowing?

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Cbee
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by Cbee » Sat Jul 15, 2017 9:34 pm
I have been speaking to StepChange about an Iva and have an appointment for a few weeks time. My debts are all mine and I would not want my partner to know about the Iva - would this be possible? We jointly own a flat with little equity in it. With the equity clause can it be agreed at the start of the Iva to pay a sixth year of payments or do you always have to try to release equity? I know people will say it would be best to tell him but you don't know my situation and it wouldn't be, there is no way he could find out. Any help would be appreciated, thanks
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JustPlainStupid
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by JustPlainStupid » Sun Jul 16, 2017 4:46 am
I don't know all the ins and outs of this but I can tell you my experience.

Me and my wife separated about 5 years ago and jointly own a house with a joint mortgage. She still lives in the house with our daughters. I did my IVA 2 years ago, so 3 years after we split up The mortgage company (Woolwich) wrote to her and told her that I was in an IVA.

I hope you can work something out.
redboxtree
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by redboxtree » Sun Jul 16, 2017 7:44 am
I believe that it is possible BUT the IVA company may still insist on an RX1 restriction still being placed on the property.

Also, depending on which company you go with they may want proof of your partners income and if not will make certain assumptions about expenditure.
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kallis3
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by kallis3 » Sun Jul 16, 2017 7:59 am
One other point - as you jointly own your flat you are financially linked and this could impact on his credit rating.
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Foggy
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by Foggy » Sun Jul 16, 2017 9:18 am
I imagine it would be almost impossible to keep this away from him, due to all the reasons above, plus letters from Stepchange and phone calls having to be intercepted.
Cbee
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by Cbee » Sun Jul 16, 2017 10:12 am
Hi I have been talking to step change about an Iva. My partner does not know about my Iva and there's no way I want him to find out. Would this be impossible? We jointly own a flat with little equity in it. I know sometimes you can pay 6 years or make s payment from third party. Can this be agreed at the start or do you still have to try to release equity. Any help would be really appreciated, I'm now thinking a Dmp would be more suitable with me not wanting partner to know? All debts are mine, none joint apart from mortgage . Thanks
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Foggy
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by Foggy » Sun Jul 16, 2017 10:24 am
Topic merged to avoid duplication.
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luluj
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by luluj » Sun Jul 16, 2017 3:23 pm
It would be very difficult to hide the iva as you are financially linked and RX1 restriction would be placed to secure the property from being sold during the iva ..for which your partner would be asked to sign.

I would encourage you to have an 'open' conversation with your partner who may just surprise you and understand and offer support.
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MerlinL14
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by MerlinL14 » Sun Jul 16, 2017 4:13 pm
Along with the financial commitments there is also a trust commitment you have to navigate. I could never venture into anything without my wife being behind me and knowing exactly how this would affect us, now and in the future. You really need to sit down with your partner and discuss this action, you could end up loosing the one person who can help you get through this mentally.
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Foggy
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by Foggy » Sun Jul 16, 2017 4:59 pm
Cbee --- reading between the lines about the issues involved -- I would suggest a chat with a smaller firm - one which will treat you more as an individual and see what could be arranged, with the agreement of your creditors, if anything. There would still be a large element of chance in the mix though!!
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moira717
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by moira717 » Sun Jul 16, 2017 8:33 pm
I too went to step change with sole intent of keeping it secret from my husband. Have to say so far they have been very good, everything kept to time scales etc. However I had to submit husband's outgoings to prove I could afford payments. Thought it would be end of my marriage. Couldn't face him; had spent years keeping it a secret. Spent months of sleepless nights worrying about telling him. In the end spilt my heart out in a letter, had bags packed in spare room as thought it would be the end. Instead it was best thing I did (he thought I was leaving him a dear John letter!). He was upset I hadn't told him before and been carrying the burden so long alone. However hard, it is a big secret to keep. An via impacts on your life style and knew I couldn't get through it without explaining why I was cutting back on things. It is very hard to live a life for 5_6 years and as others said you may get phone calls and letters etc. I wish you well, have been through the same nightmare x
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kallis3
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by kallis3 » Mon Jul 17, 2017 7:51 am
I hid our debt problems from my husband for months - it was only when I had a phone call from a creditor that he knew something was wrong and I had to tell him. It made him ill but we talked about things and now we have no secrets anymore and he still trusts me to do the finances!!! :)
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Ryan
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by Ryan » Mon Jul 17, 2017 8:20 am
Hi Cbee,

As others have said the financial link via the Mortgage could be an issue but best of luck.


Regards
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