What happens if my wife does not want to support me any more in IVA?

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Bijaya
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by Bijaya » Tue Sep 05, 2017 2:37 pm
I am in IVA, ending in April 2020. We ( i and my wife) have joint mortgage. My wife earns more than I do. I have been able to carry on paying monthly IVA instalments due to her financial support. I have been providing Income and Expenditure details based on our joint income and expenses. My question is: what happens if she does not want to support me any more. And she wants to have a separate mortgage on her own name and buy a new property?
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Foggy
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by Foggy » Tue Sep 05, 2017 2:52 pm
For her to get a sole mortgage I assume you will need to sell the current property -- in which case your share of equity will be used for your IVA. If she means to remortgage the current property in her own name only -- your share of equity will also go into the IVA.

If these leave you still paying the IVA and you cannot make the payments the IVA might, if you have paid enough, be closed on payments made to date, or possibly failed, leaving you back at square one with your creditors.

Worse case scanario there is that a creditor then would be free to make you bankrupt (if they felt it worthwhile) and the house could then be at risk, even if it has been transferred into your wife's sole name.
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Ryan
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by Ryan » Tue Sep 05, 2017 3:01 pm
If you aren't looking to sell the existing property your wife would have to pay the second property Stamp Duty on any property that she purchased.

If you are trying to re-mortgage the existing property from joint names into her sole name it's unlikely that you would be able to do so unless you were moving out of the property.
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Michael Peoples
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by Michael Peoples » Tue Sep 05, 2017 4:10 pm
Your wife should not have to support your IVA so tell your IP that you need your payments reduced. This may ease the pressure on your marriage and make things a bit more sustainable.
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Lisa Thomas
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by Lisa Thomas » Wed Sep 06, 2017 1:52 pm
I agree with Michael - you should get your I&E figures reassessed by your IP.
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