- Thursday, 20 August 2009A teacher from Essex has avoided losing his home by entering into a joint
individual voluntary agreement (IVA) with his wife.
According to the Guardian, 48-year-old Gerald Moylan, a head of technology, has entered into the agreement having accumulated debts of £56,000 after his wife was taken seriously ill.
Mr Moylan said that the couple's finances became impossible to manage and that, owing to his aversion of filing for bankruptcy, they entered into an IVA.
He said: "I didn't want to go down the bankruptcy route, since it would mean we would lose our home.
"My wife has been unable to work since her illness, so we were operating on a deficit with debts spiralling out of control to meet ongoing commitments. Our situation became untenable as we were borrowing to repay the debt we'd accrued."
The couple expects to have their debts signed off in five years time following a fixed monthly payment regime.
It was recently revealed that Neil Morrissey has entered into an IVA to repay debts totalling £2.5 million.
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