IVA and savings

mariner46

Hi

My wife has saved money in accounts in my name. I have documentation to prove that she alone has deposited all the money. Although this is not my money would this still at risk with an IVA? Any help appreciated.

Thank you.

The_Swerve

I would have thought that the IP would look at this!!!

If you live together as husband and wife it would only be reasonable that her savings are seen as a possible contribution to your debts...given that she has probably had benefit of you taking out the debts.

mariner46

All debts are mine as self employed and are only in relation to running the business.Nobody has benefited from the debt.

The_Swerve

mariner46 wrote: »

All debts are mine as self employed and are only in relation to running the business.Nobody has benefited from the debt.

Is the business still trading? How would you run the business without taking out any credit for the next 5 years?

mariner46

I am due to retire at the end of the year and will stop trading. I propose to use some of my pension to make the payments to the IVA.

The_Swerve

mariner46 wrote: »

I am due to retire at the end of the year and will stop trading. I propose to use some of my pension to make the payments to the IVA.

You are retiring? Would you mind me asking how old you are?

IVAs I think used to have a limit based on age. I beleive this has been lifted however I would take a guess that if you will not be employed during the time of the IVA, it MIGHT make it more tricky to get the IVA through...I am sure your IVA company/IP will make you aware though.

I would still be of the opinion that your wifes savings may well be taken into account (and given that they were in your bank account might strengthen that arguement by the creditors)

FoggyBrain_2

Might I suggest you pop over to https://www.iva.com, where you will find Insolvency firms listed. Have a chat on the ohone with a couple and they will be able to give you free, specific, advice without obligation.