question category: IVA

will they take my caravan off me for hubbys iva even though its mine?


hi I own my own static caravan I let it out to pay site fees I paid for the caravan on my credit card so nothing to do with my hubby.. now he wants to go into an iva to clear debts when we lost our home. will they take the caravan off me even though its mine and not my hubbys? so confussed and stressed over this..

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Re: will they take my caravan off me for hubbys iva even ...

An Individual Voluntary Arrangement (IVA) is a proposal to the creditors, it is an offer to them, they cannot take things, This usually means offering a monthly payment for a period of time and then the IVA finishes and any debt remaining does not have to be paid back. Sometimes a person also offers assets as part of the IVA process, so that they are able to offer a reasonable proposal. This could be a car, caravan, boat or could be to remortgage a house. In the situation you have described your husband will not be able to offer the caravan to them as it is not his asset to offer and you cannot be forced to sell your things to pay for someone else’s debts. If your husband contacts a free debt adviser they will be able to prepare a financial statement and have a look at all of the options he can use to deal with his debts. They will be able to identify all of the good points and any negative points of each debt solution so that you can decide which is the least drastic and most effective to use.

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you need further help, Debt Advice Foundation provides a free, confidential helpline and can advise you. Click here to find out more.

 

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