Debt from before marriage

Rachael_S_2

Hiya,
If I go for IVA will my husbands assets come into it? My debts are from prior to us marrying. Also, is it true there must be more than 3 creditors? If so, will the fact that I have a loan and credit card debt with one provider classed as one or two?
Thanks
Rachael

CocoLoco_3

Thought your post could do with bumping up

Rachael_S_2

Thought I'd pass this on. I have found out that I can't go for IVA cause 2 of my debts are with Egg and so they will probably not agree. Still no answer to the question regarding my husbands assetts though............

MIVAA

Hi Rachael,

It's a little difficult to give a yes or no answer to this question really. I assume by saying 'Husbands assets' you mean his house.

Well if so, your husband's house could be an issue if you have been married a long time, as creditors might argue you have developed a beneficial interest in his property. By this I mean you may have developed a potential share of his equity in the house in the event that you were to divorce. It is usually assumed the longer you've been married, the stronger the claim you'd have against his equity.

It is true to say that this claim is nowhere near certain, and is generally calculated on different factors, such as any monetary contributions you may have made towards the upkeep of the home and so on.

It is possible to have the property excluded from an IVA if it can be proved your claim to any ownership of equity is minimal, but as I said, this becomes more difficult as the time you've been married increases.

As far as any of his other assets go - they should be untouchable as they are his, and your creditors can't take what's his to settle your debt.

I hope this helps.

MIVAA

Rachael_S_2

Thank you for that. We have only been married for a year. He has owned this house 18 years, so I assume the house would be safe if necessary.

Thanks for putting my mind at rest.

;):D

MIVAA

Rachael_S wrote: »

Thank you for that. We have only been married for a year. He has owned this house 18 years, so I assume the house would be safe if necessary.

Thanks for putting my mind at rest.

;):D

Based on this... I think you could expect that to be the case, yes.

good luck.

doelani

Rachael_S wrote: »

Thought I'd pass this on. I have found out that I can't go for IVA cause 2 of my debts are with Egg and so they will probably not agree. Still no answer to the question regarding my husbands assetts though............

hi Rachel

Not sure if you have taken advice from one of the debt charities and if an IVA is right for you but what makes you think Egg will not agree? We had 4 debts with Egg and they agreed to our IVA ?