IVA and getting Married

mofopants

I am currently doing a DMP with payplan, however, my advisor has suggested that an IVA would be better for me as it would clear my debts sooner. I am due to speak to their IVA team next week.

I am due to marry my fiance next year and he has a plot of land on which he is going to build a house where we live, is it possible for the my creditors to put a claim on this when we are married, even if the asset isn't in my name and OH has a good credit history?

Thanks

Derek,_Licensed_IP

Mofopants

Payplan are a good outfit and, if they say that an IVA is right for you then i'd listen.

Your question hinges on who owns the land. Your post suggests that it's your fiance. If that's right, and you have made no contribution to it's purchase then it's not reasonable for your creditors to expect anything from it in your IVA. So what Payplan are likely to do is explain in your IVA that you will be getting married, that the land you will build a house on belongs to your husband-to-be and that it is specifically excluded from your IVA.

Something to think about though. The costs of building the house will need to be met by your husband-to-be if the above argument is to work. You won't easily be able to say that some of your income will be used to create an asset and at the same time say that the asset isn't yours (at least in part).

To conclude, dealing with the land is simply something to get right in the wording of the IVA. An IVA is very flexible and can accomodate this. This shouldn't stop you from pursuing an IVA if that's what Payplan recommend.

mofopants

Thanks - the land is a gift from OH's father and i have no ties to it at all so hopefully it will be ok.