IVA while living with partner

LeaseIssues

Hello.

so I’m contemplating an IVA right now but want to keep my partner off of it. 

The debts are solely mine and solely in my name.

the opposite is also true. The house is in their name, as are the bills and we have no shared accounts. 

Can I enter an IVA that would completely exclude my partner? There is a lot of conflicting information out there!

thanks for the help 

Grumpelstiltskin

Why are you considering an IVA if you are not named on any mortgage?

LeaseIssues

Im struggling with 30k + debt and looking at options 

like I said their is a lot of conflicting information out there 

If IVA is to protect a mortgage which I don’t have what options would you suggest?

Grumpelstiltskin

Read this on the Debt Free Wannabe forum.

IMPORTANT - Where to seek professional impartial advice about your debts. — MoneySavingExpert Forum

Ivas are mis sold on a huge basis, my guess is you have seen an advert on social media.

LeaseIssues

I’ll give those a look thank you 

sourcrates

The clue is in the name really "Individual voluntary Arrangement".

IVA`s were designed for homeowners who could not go bankrupt due to owning property, you say you owe 30k plus, so you are over the threshold for a Debt Relief Order, you cannot go Bankrupt as you may be deemed to have a beneficial interest in the house you live in despite not being on the mortgage, so you are realistically looking at either an IVA or a debt management plan to tackle that debt.

One is an informal choice, you pay back your debts at a lower rate, over a longer period of time, hopefully with all interest stopped, the other is a formal option, giving legal protection to you from your creditors, but sticking to a strict budget for maybe up to 7 years, where your income must remain steady in order to successfully complete the arrangement.

The choice is yours basically, formal or informal, you need to research the pro`s and con`s of each option.