What implications does an IVA have on a mortgage

[moomooland]

I currently have around 60,000 debts. I am considering an IVA. I dont want my wife to know about this but I have a joint mortgage with her with around £60000 equity. I have tried to remortgage without success turned down on affordability. What implications does an IVA have on a mortgage and does she need to know about it

[aguise]

Welcome
Try to answer a bit a little bit for you others will also be along. It would be difficult in an iva for your wife not to know as your half of the equity would probably need to be released at some point. Most find their other half to be understanding and a great support. You could maybe make a full and final offer with the equity in the property. One single payment to clear the debt, done the same way meeting etc but an agreed amount to clear the debt.
Please wait for other replies though.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[catullus]

Hi there.

The debt secured by a mortgage doesn't form part of your IVA but for reasons that are a bit technival they still have to receive notice of the IVA.

Your mortgage company should be happy to continue arrangements with you because they will be able to see that adequate arrangement has been made for you to continue to pay the mortgage within your IVA.

The Supervisor will be required to file a caution against your property, normally against your share of the equity, but under certain circumstances the joint owner is required to consent as well.

You would also be required to remortgage your share of the equity towards the end of the IVA and, to do that, would require the consent of your wife.

Regardless of that it really would be wrong for you to enter an IVA without telling your wife. I have seen a number of people try to do this in the past and it has ALWAYS backfired on them, sometimes with some very sad results.

[tracy.h]

Hi just to agree with the others an iva is a long hard road it does have bennefits of course but i would seriously think about shareing this with your wife.
Debt is nothing to be ashamed of when you are dealing with it,we are all in the same boat or have been but i would from experience confide in your nearest and dearest it will make the whole process so much easier to deal with,and there support is needed.
Relationships are built on trust it would be terrible if she found out by accident.Imagine how you would feel if the shoe was on the other foot.
I understand you are probably trying to protect her but as i said its a long process to go it alone.
At the end of the dayit has to be your desicion,just think long and hard about the consequensis if she does find out
Goodluck

Tracy