hidden debt

[rayb]

No

[ivahunter]

Wish me luck i'm looking at a few companies and am telling them about my situation, honesty always best policy.

[ivahunter]

i was with a company but i think its good to have a shop around, as different people say different things.

[Adam Davies]

Hi
Insolvency is complicated and is based on individual circumstances. No one size fits all.
The only certainty is to be totally upfront with your situation, hide nothing.
Regards

[ivahunter]

i understand the need to disclose debt of spouse incases where if they were working then they would need to contribute to household expenses and then their debts would have an impact on the iva payments.

i just wish it were straight forward

[David Mond]

You need to have a full and frank discussion with your chosen IP or have a chat with one or two others - explain completely all facts and circumstances - but you spouses debt is nothing to do with you, unless it can be argued that the debt was spent on you - which on the facts you have previously stated is not the case. Good luck - who is your IP by the way?

[ivahunter]

i don't want to disclose that information just yet, but be rest assured its not with David or Melanies company.

[ivas4us]

I can understand that you don't want to disclose some information. What if you don't provide the information and your iva is set up and then you discover that if you had of provided all the information then an iva was not the best solution for you. IP's can only advise on what you tell them and surely its better to get the right solution for you as soon as possible.

[kallis3]

I do agree that your IP should be given all your information, it does not pay to hide anything as there is a chance it could be found out.

Dependent upon what it was, it also cause your IVA to fail.

[ivahunter]

i don't want to be portrayed as a dishonest person, that is not who i am. this is why i'm on this forum so i can get advise on how deal with this particular issue without lying.

i've recently spoken to my husbands family members about his debts and they have agreed to pay off his credit cards and pay a lump sum for his loan, however there wil still be payments remaining but the loan would come to an early end. my husband is also looking for part time work so that he can contribute towards the household expenses and so i can free up more money towards my iva.

[kallis3]

As long as you are upfront about everything, then you shouldn't have a problem.

[newbeginings]

Speak to your iva company and tell them everything! They will help you and advise what is and isn't relevant. It may help ease your worries.

[Julie]

Hi - just tell the IP everything and let them advise you on the best route to take. You are right to "shop around" and get advice from a few companies...just be upfront about everything and it'll work out.

Good luck

[David Mond]

Sorry ivahunter that you are not taking advice from Melanie's or my firm - but I wish you sucess in your endevours - just be truthfull with everything.

[shuli_b]

To Ivahunter:

your husbands debts are his own, you are not liable for it, especially as you are saying that it was taken out for a third party. the reason i tell you to be honest is because essentially the debt is in your husbands name, regardless of what or who it was taken out for. if for whatever reason the other party stops making payments then what will you do?

it best to be honest.

i don't know if your chosen IP may be able to find out, especailly as your husband is not entering an iva, but as he is unemployed, obviously when he gets a job he will have to contribute to household expenses aswell as his debts, then this maybe a problem as your creditors would expect him to contribute because he may have benefitted from your debt.