www.iva.co.uk

Hi

Can anyone offer advice

I would like to start an Iva but am worried that my partners money in our joint mortgage account will be taken.

So the money in our joint mortgage account is all hers and I don’t want it to be swallowed up to pay for my debts.? Do you know what my options are.? Will they take all this. Can she just transfer into her own account or could this cause problems when they review bank statements

We can’t prove the moneys hers

As a joint account, it will be assumed that half of the money is yours.What sort of amount are we talking about ?

Moving assets just before declaring insolvency is not looked upon favourably and could amount to fraud. In bankruptcy this would be looked at and reversed if required. How far an IP in an IVA arrangement might dig is up to the IP involved and whether they are given any reason to dig.

Is an IVA the way to go ? What sort of debt are you looking at ?

Thanks for your reply

I personally have debts of around 40k of debt

in our joint mortgage account which she has always put in for home emergencies she has 2k around

Yes I think Iva will be best proposition if it accepted -I can maybe pay 350a month

You need to speak to one or two companies for advice.

Whatever you do with the money in the account,you should make the account into the sole name of your girlfriend,otherwise you will be linked in credit searches and your IVA could impact on her credit rating. You should have no joint accounts at all.

Yeah will do that ASAP foggy - as she will play no part in my debt which is fair enough

Many thanks

Can I ask why you are referring to it as a joint 'mortgage' account. Is it an ordinary joint bank account? How is it connected to any mortgage?