19 months left of my IVA, what do i do next?

[redhead]

This is a long one:-(sorry)
I have 19 months left of my IVA my daughter was left a large sum of money in trust to her until she was 21 which she is now, her dad died 18 months ago and she works full time in a low wage employment which she loves and has worked there for 4 years.
She asked me to help on the market ladder and to help her get a mortgage we would then move in together with a view of me paying the bills etc and her helping with the mortgage as she finds it a struggle every month her credit is excellant. We have shopped around and have seen a nice little house and have been offered a mortgage paying more because of me being in an iva but it is only £200 more than i am paying in rent and my daughter said that she would cover the £200 for the mortgage.
What do i do next? will i be able to go ahead and will i have to pay more iva a month?. I am doing this to help my daughter she is putting the deposit down but the mortgage will be in our name but I know the house will be hers not mine eventually. What is the legal standing.

[MelanieGiles]

Hi redhead and welome to the forum

So long as these payment do not affect your ability to continue with your IVA payments, then I can't see that there is any difference. You will be paying rent, as you are now, but this time to your daughter. I assume that your name is going on the mortgage due to income multiples.

You will need to check this out with your own IP, as I am just one of the forum experts, and others may well have different things to suggest to you.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[redhead]

Thank you for welcoming me to the Forum which i have now been reading for months and months all my queries have all be asked by other members with great replies only until now have i joined in. This is such a great forum its great to know that i am not on my own i wonder how many people in the country are in an IVA ?

I can just see in the far distance the light at the end of the tunnel hurray!!!!

[MelanieGiles]

Keep posting - it is great to see someone nearing the end of the IVA and looking forward to debt freedom.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[redhead]

Mortgage in an iva -
If my daughter i do go ahead with the mortgage and i finish the iva in 19 months will my creditors want any equity from the house ???

I can just see in the far distance the light at the end of the tunnel hurray!!!!

[MelanieGiles]

This is very unlikely, but please discuss with your IP directly who has a more detailed appreciation of your particular case

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

Hi
Good luck with this because it sounds a great way forward for you and your daughter.Your equity should be safe but make sure that you have this confirmed by your IP.
Regards


Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[redhead]

Thank you both from myself and my daughter who pressurised me in asking this question (i didnt want to hear anything negative again )and for your advice.I will speak with my ip on tuesday Who are approachable but i know at the end of the day they have a keep my creditors happy. I will keep you all informed of this out come.

I can just see in the far distance the light at the end of the tunnel hurray!!!!