I have a lot of debt which I’ve taken on from a previous marriage and occurred whilst getting back in my feet . The debt in solely in my name but I have re married , my husband had a break down last year and doesn’t work at the moment , do I have to tell him I’m taking an IVA out as I want to deal with it myself and not stress him . Thank you .
Are you homeowners ? If so, he will need to agree to a restriction being put on the property, as you will need to inc=vestigate equity release toward the end of the IVA.
That apart, an IVA is quite some secret to keep for 5 or 6 years and that will be an extra strain, over and above the usual strains of living within a very strict, tight and controlled budget.
Finally, when working out your disposable income the IP will, in the absence of evidence from your husband to the contrary, assume that he pays 50% of the allowable household expenses, which could make your IVA unworkable as they will expect that you are capable of paying more than you actually can, as, in reality, I imagine you are shouldering most of the expenses at the moment.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk