My ex partner & I have joint debts he works & I am on benefits, i am 5 months pregnant but dont want to get back with him because he is an alcoholic & can be abusive. Can we do a joint IVA to pay off our debts as i have to keep a roof over mine & my babies head and dont want to be in debt forever.
You wont be able to do a joint IVA if you live seperate lives / houses, but although your have joint debts there is nothing stopping you lookint at an IVA on your own which would take care of your liabity and he can then deal with it himself.
Are you able to post a little more about your situation to help understand more about your situation, it may well be Bankruptcy is a more sensible solution for you.
Do you own the property with your ex partner, and is there any equity in it ?
Hi! You can both do separate IVAs or you can each manage your liability in a different way. Without an income to pay for an iva, it may be worth looking into DROs and bankruptcy to discharge your liability for the debts. Your ex can then manage his liability in the most suitable way for his circumstances. Speak to a couple of professionals who will go through your situation in detail and make a recommendation about your best way forward. www.iva.com is a great place to start looking for an IP xx
You wont be able to do a joint IVA if you live seperate lives / houses, but although your have joint debts there is nothing stopping you lookint at an IVA on your own which would take care of your liabity and he can then deal with it himself.
Are you able to post a little more about your situation to help understand more about your situation, it may well be Bankruptcy is a more sensible solution for you.
Do you own the property with your ex partner, and is there any equity in it ?
I have a joint mortgage with my ex partner and yes there is equity. I am planning on going back to work and think sorting my debts out separately is a good idea but leaving him to sort out his, well he wont do that and his name is on the mortgage therefore it can effect the mortgage cant it. Although some of the debts are in his name and some in mine we both spent the money equaly on the house. What a mess, i just want to get them paid, my ex said he would pay some towards the debts and give it to me each month but he hasnt got a clue how to deal with these things and i do it all.
Hi again! You each need to resolve your debts individually. You are both liable for the joint debts and individually liable for the debts in your own names. An iva won't take account of how the money was spent. As long as the mortgage is paid it will not be affected. But if yu enter an iva and the ex doesn't, he will be chased for the full monthly payments on the joint debts and if he cannot afford these and doesn't sort out a plan for himself you run the risk of a charge on the property. As a property owner, a DRO isn't suitable and under BR you risk losing the house. You really need to take some professional advice. When you explain to your ex how you entering an iva will affect him, it may well prompt him into action.
Do you still live in the mortgaged house or have you moved out?
I suggest that you do speak to an expert. Visit www.iva.com for a list of companies and reviews and give one or two a ring for some free and impartial advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
kallis3 wrote:
Do you still live in the mortgaged house or have you moved out?
I suggest that you do speak to an expert. Visit www.iva.com for a list of companies and reviews and give one or two a ring for some free and impartial advice.
Im so stressed but thank you for your help and advice, i will follow this up.
Please do, you'll find speaking to a professional will set your mind at ease. They will be very supportive with you and discuss all options.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If you dont mind me asking how much is owed and how much equity do you have? It does sound a bit complicated but im sure there is a way you can work this out...
If you dont mind me asking how much is owed and how much equity do you have? It does sound a bit complicated but im sure there is a way you can work this out...
There is enough equity but as we have defaulted on all of our debts therefore we cannot re-mortgage at this present time. Also we are tied into a 5 year fixed rate with a huge penalty fee. THe other option was to sale, however im expecting and the house prices have gone down so we wouldnt get what we paid for the house.
You hopefully will be ok, but just clarify the position with Payplan.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
