New member - IVA before divorce?

triticale

Hi everyone, newly registered but been using the site for a while now.

I hope someone could give me some advice regarding IVA's.

Background, I separated from my husband just over 3 years ago now, very amicable split and I let him keep the house.

A couple of months ago we did the mortgage handover where I signed it all over to him via solicitors etc with a view to getting divorced finally after that.

Anyway, I'm in £20k worth of debt :embarasse (unsecured loan, 2 credit cards and overdraft - consolidation doesn't work for me ) all 'earned' by myself since the seperation.

I've been struggling for a while now, despite a decent salary. Had to downsize to a bedsit and sell my car. Still struggle each month to pay everything, last week of the month is penny jar to eat etc.

So I decided an IVA would be the best course of action to sort myself out. A friend went down that route and said the pressure it eases is amazing.

So my problem? I DON'T want my stupid debt affecting my ex husband and his credit rating, etc.

So I desperately need to know whether me going forward with an IVA, BEFORE divorce, but AFTER having my name officially removed from the joint mortgage, will affect him in any way?

I really need to get sorted asap but the worry of affecting his finances is holding me back. I occasionally mention him moving forward with the divorce but obviously don't want to appear like I'm in a hurry!

Any advice gratefully recieved.

Triticale

OliveOyl_2

Bumpety Bump

dancingfairy

I don't know but I'm sure someone else will know around here.

Nomad25

A bumping smiley.

triticale

Anyone?

pania

Hiya there, some of the experts will be around shortly, however, are you in anywya financially linked now? savings accounts all joint accounts closed etc?

Best thing to do would be to check both your credit reports for financial associates. If you are showing as linked but have no financial accounts together then contact the credit referencing agencies for advice on how to remove this link.

If you are now not showing as linked then you should be good to go.

However, I have recently had a customer that was divorced 3 years ago adn her ex has run up a bad credit reference, she had to prove evidence that they were no longer linked prior to the mortgage being offered.

Advise your ex that he needs to keep copies of legal paperwork (i'm sure he would anyway) such as the mortgage now being in his sole name, the divorce papers etc so should the need arise he can prove he is no longer financially related to you.

I have to admit that i think it is so commendable that you are thinking of your ex in this way. Most people in a divorce situation couldn't give a flying pony about the effect on the other. good for you. xxx

GeorgeUK

I seriously doubt you should be considering an IVA.

Most people who do this are close to bankrupcy stage, but by doing an IVA will not put their house at risk. If your name is no longer on the mortgage, then i can't see the benefit in doing an IVA.

I suggest contacting one of the free debt charities for advice. I think the CCCS site has a form that will give you an idea of what the best route would be. (Debt Remedy)

Professional, free and impartial advice on debt problems can be obtained from several charitable and 'not for profit' organisations. They never make a penny from the advice they give, which means it will be given with only your best interests at heart. You can contact:

Your local CAB Office and ask to speak to a 'money advisor'
The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111
National Debtline - Tel: 0808 808 4000
Payplan - Tel: 0800 917 7823

It may be that a debt management plan is what is required if your credit rating is not good. Have you defaulted or had late payments? If not you may be able to get 0% cards that will allow you to pay less interest and get rid of the debt quicker.