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My wife and I are considering an IVA. We both have debts in our own name but the mortgage and house deeds are in in my wifes name. So on paper it looks like my wife owns the house even though I pay half the mortgage. My wife is self employed, i'm employed.

Q. Can we enter an IVA as a married couple and combine our income and creditors?

What will happen is that you will each have an IVA, but they will be linked together, for more information see my page www.freeivaadvice.co.uk/Joint_debts.htm

Certainly the income will be combined as you would submit a joint budget in the IVA proposal, but each set of creditors would receive dividends from their own individual fund.

Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist

It is likely that you have developed a beneficial interest in the property regardless of whether you are legally registered as co-owner, so in an IVA your creditors will expect you to raise additional monies during the final year from the equity.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

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http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp