My husband is extremely worried that this will effect him, as he would want credit in the future, I had a web chat with national dept line on Saturday, they have said cause I have lived in the house 18 years that that would count a assets, even though my name is not on the mortgage, my husband as suggested we sell the house to pay the dept and rent for a short time, I really don't want to do that as we only have 7 years left on the mortgage.
Would they take my husbands income into account with the Iva? He as loans but are being paid for, the credit cards are in my name which is becoming a struggle, it's all my fault and wish I could turn the clock back, the other alternative is I leave and get myself somewhere to rent and try to keep this house out of it, really unsure about everything. TIA.
If your husband was paying the entire mortgage could he then afford to meet his own debt repayments? If not then he too may need to look at some form of arrangement with creditors. Selling the property and repaying creditors is certainly an option but if it could be avoided then most people prefer to keep their house.
You could always propose an IVA and if creditors reject there is the option of debt management or a sale but by this time your credit file will have been damaged. There is no definitive answer so it may depend on what creditors you have, the amount of the debt and the value of the equity in the property.
Your husband's income will need to be given in order for the IP to assess amd apportion fair shares of expenses you are allowed -- if he refuses (as is his right) to divulge his details they will assume a 50 / 50 split. Some firms (noteably, Payplan) will seek to draw him into the IVA and add his income to the arrangement. Most don't.
I would expect your chosen IP to refer to it in the Nominee report and let creditors decide whether or not they want a Trustee in Bankruptcy to try and recover your alleged interest, which will be extremely difficult, if not impossible notwithstanding the costs involved in bringing such a claim about.
The Nominee would cover that point and recommend whether the IVA should be accepted or not.
If they feel creditors have a good chance in recovering the property through Bankruptcy (I don't think so...) then they would tell you that in the early stages.
I've had an IVA like this before and we disclosed that the debtor's wife owned the property and I felt it highly unlikely that any claim could be brought against the property by the Trustees if Bankruptcy were to ensure.
The creditors accepted the proposals and the IVA was granted.
consider - I appreciate lots to take into account and consider right now - spend time talking to a number of potential IVA companies to ensure your true circumstances are reflected in any proposals made.
The key is you tend to have an IVA to protect your employment/Directorship or assets.
Payments in bky are 3 years. You can match this in an IVA if you don't use the protocol terms, which are 5 years but depending on your circumstances there may be little point going down the IVA route.
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