We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Losing my job
Options
Hello again 
Right, sent all the paperwork to set up our IVA yesterday and then last night was told that I would be losing my bar job (£60 a week) as the landlords are being evicted!
The way I see it I have two options. (1) to carry on with joint IVA as will no doubt get another job soon (and we can just manage without it for the minute) or (2) I go bankrupt and my husband completes an IVA.
We have no equity in our house and approx £50k debt split 50:50ish. My husband can't go bankrupt due to work. So I have a couple of questions if that's okay:
1. Is this allowed for 1 to go bankrupt and the other have an IVA at the same time?
2. What happens to our joint loan (is approx £10k o/s). Is this split?
3. My husband would have to 'buy me out' of the house whether it is £1 or more if the house prices rise but would this be a problem for the mortgage lender if he is on an IVA and would they do all those credit checks and everything (hence wouldn't give him the same mortgage now).
I am just wondering whether this would be the best way forward as then if I did get a job in the future that wage could help us live more (or would this go into the IVA calculations?) and although my husband would be paying less into the IVA (guessing about £200pm rather than £350) the debt he is paying off is actually half of what we owe.
I am so confused!
Jx
Right, sent all the paperwork to set up our IVA yesterday and then last night was told that I would be losing my bar job (£60 a week) as the landlords are being evicted!
The way I see it I have two options. (1) to carry on with joint IVA as will no doubt get another job soon (and we can just manage without it for the minute) or (2) I go bankrupt and my husband completes an IVA.
We have no equity in our house and approx £50k debt split 50:50ish. My husband can't go bankrupt due to work. So I have a couple of questions if that's okay:
1. Is this allowed for 1 to go bankrupt and the other have an IVA at the same time?
2. What happens to our joint loan (is approx £10k o/s). Is this split?
3. My husband would have to 'buy me out' of the house whether it is £1 or more if the house prices rise but would this be a problem for the mortgage lender if he is on an IVA and would they do all those credit checks and everything (hence wouldn't give him the same mortgage now).
I am just wondering whether this would be the best way forward as then if I did get a job in the future that wage could help us live more (or would this go into the IVA calculations?) and although my husband would be paying less into the IVA (guessing about £200pm rather than £350) the debt he is paying off is actually half of what we owe.
I am so confused!
Jx
Finally getting my life on track. Onwards and upwards.
BSC No 327
GC Jan £336.91/£450
GC Feb £0/£400
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.8K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.8K Work, Benefits & Business
- 598.6K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards