Page 1 of 2
Posted: Thu Mar 31, 2011 10:33 am
by aka_carrot
HI
I have just found out that my wife has a large amount of unsecured debt around 20K from her previous marriage. She is considering entering into IVA. As we have a joint mortgage will entering the IVA have any effect on that? I believe that the house is in negative equity at present. Should I consider removing my wife name from the mortgage now, or should I leave her on it. Also do I need to inform the mortgage lender if she enters into IVA. If so could that have an effect.
Any advice would be greatly appreciate.
Thanks
Keith
Posted: Thu Mar 31, 2011 10:38 am
by Tina Shortland
Hi Keith - welcome to the forum. If the debts are from before you got together - i.e you were not invovled or benefitted fom them then no it will not have any effect on your joint mortgage and no you do not need to inform the mortgage lender.
The best thing is for you/your wife to speak to 2-3 professionals to get specific advice on your situation to see what your options are and the implications. You will be under no obligation but you will be better informed before making such an important decision.
There are highly recommended IPs on here and reviews to read at
www.iva.com
Regards,
Posted: Thu Mar 31, 2011 10:58 am
by aka_carrot
Hello Tina
Thank you for the advice, my wife has spoken to at least one adviser about IVA. Just another question if I may.
She has also been told of the option for debt management plan, which I believe she said would 12 years to complete. Which in your opinion is the better option?
Thanks again
Posted: Thu Mar 31, 2011 11:10 am
by Tina Shortland
It really depends on her circumstances and preferences. If she wants a legally binding arrangement to protect her from her creditors, with a fixed end point and that will guarantee the interest is frozen an IVa would provide that. If she wants to pay back every penny no matter how long it takes and be in an informal arrangement with no protection then a DMP would be better for her. Either way, it depends on her overall picture as there may be factors which would not be acceptable by creditors in an IVA and therefore lead her towards a DMP anyway.
Regards,
Posted: Thu Mar 31, 2011 11:42 am
by aka_carrot
Thanks again Tina
Posted: Thu Mar 31, 2011 5:07 pm
by kallis3
Hi and welcome from me as well.
I suggest that your wife does as Tina suggests and speaks to one or two companies. Visit
www.iva.com for a list of companies - the advice is free and impartial.
An IVA will be a shorter term and will stop all interest and charges being placed on the accounts.
Posted: Thu Mar 31, 2011 7:04 pm
by aka_carrot
thank you too Jan
Posted: Thu Mar 31, 2011 7:05 pm
by aka_carrot
thank you too Jan
Posted: Thu Mar 31, 2011 7:13 pm
by aka_carrot
if in future when the interest rate rises and we look to change our current mortgage lender would my wife being in IVA act against us.
Posted: Thu Mar 31, 2011 7:24 pm
by luluj
Welcome and keep asking your questions - we are all here to offer help !
You should take advice from a few companies - don't just rely on one - as Tina has said it will depend on your wife's circumstances and the amount of money available to creditors each month - An IVA does give you protection from your creditors and so long as all are included from the outset you are debt free at the end of your IVA ! Goo lukc and let us know what way you decide to go !
Posted: Thu Mar 31, 2011 9:21 pm
by stewpots
Tina S wrote:
It really depends on her circumstances and preferences. If she wants a legally binding arrangement to protect her from her creditors, with a fixed end point and that will guarantee the interest is frozen an IVa would provide that. If she wants to pay back every penny no matter how long it takes and be in an informal arrangement with no protection then a DMP would be better for her.
Regards,
A nice unbias post from the manager of a IVA bureau [:)]
Posted: Thu Mar 31, 2011 9:25 pm
by kallis3
There will never be a biased comment on here from an IVA company who posts on here.
Posted: Thu Mar 31, 2011 9:32 pm
by stewpots
kallis3 wrote:
There will never be a biased comment on here from an IVA company who posts on here.
DMP v IVA
Keep my bank account not have it closed after 19yrs (when I went into IVA).
Not worry about an IVA effecting my job prospects.
Uncertainity over IVA etc and re payments
DMP work for some .
I would put for me in order of preference for me
DMP
IVA
Bankruptancy
Posted: Thu Mar 31, 2011 9:50 pm
by kallis3
Sorry, IVA will do it for me everytime.
Posted: Thu Mar 31, 2011 10:02 pm
by Shining
I think for the OP's wife to contact a couple more companies is an excellent suggestion.
www.iva.com is a good place to start and there you will find some reviews of these companies.
Your wife will receive impartial case specific advice on all debt solutions from these companies and most of all the advice will be free. The solution she chooses will be the best suited to her individual circumstance and I wish you both all the best. x