Advice please

[orange]

oops didnt mean to check up on anyones job melaine...was just wondering if you can find out about it on land registery site x

[orange]

would it be ok to ask what the form does then melaine...im just interested x

[MelanieGiles]

The form just allows your IP to be notified if you attempt to sell or re-mortgage your property whilst the IVA is in process.

[mustang]

Well we've spoken to our mortgage provider and they said there is no way we could haver any money with an IVA on my credit record.
So how am I supposed to raise money on my share of the house after 4 years of my IVA on my own,if we can't do it jointly?
My partner cannot even get a personal loan now because of her "financial association" with me,which hasn't pleased her at all.

[kallis3]

Sorry to hear that Mustang.

I can only assume that if you can't remortgage in year 4, your IVA will continue for a further 12 months.

Does it say that in your proposal?

[mustang]

Yes I've got that clause in my IVA.
Does anyone have any idea where we could look to try and raise enough money now to go for a F&F?
My partner is really worried and upset that should she get a pay rise this year,she would not be any better off,as it would end up being swallowed into my IVA.
It does seem unfair that she is penalised through no fault of her own.We own a house 50/50,and bought it on the agreement that we both pay half the bills.But as she earns more than me she is told that she has to pay a higher percentage of the bills.

[MelanieGiles]

Unless you have a low loan to value of your property - ie less than 70%, I think it will be a real struggle to find anyone able to lend against the property at present.

I am not sure why your partner feels that her entire payrise would be captured by your IVA. She should only need to contribute more monies to the household budget based on her revised earnings and not to your creditors.

What is the current value of the property and how much equity is there within?

[mustang]

The property is probably worth about 190k,with approx 35-40k equity in it.
She feels that she shouldn't have to contribute more...that if we have equal shares in the property then we should pay equal payments to the mortgage etc. And in effect,whether it is going to the household budget or to my creditors has the same net result as my payments are based on our joint disposable income,and not just mine.

[MelanieGiles]

Understood - but this does not mean that she has to keep including her pay-rises to enable your IVA contributions to increase.

On the property figures you have presented, I feel it would be impossible to find any lender prepared to make you further advances.

[mustang]

So does that mean that at my annual reviews I put down her income at the original level it was when my IVA started Melanie?

[MelanieGiles]

Not necessarily -and of course I cannot comment on your specific case as I have none of the finer details to hand. In my practice we would only include a spouse's increased income if this was necessary to maintain payments at the contractual level - but you do need to work out your shares of expenditure first. As ever, the answer ought to lie within your proposal/chairman's report.

[mustang]

Sorry to ressurect this thread after so long,but i'm a bit confused!!
At my annual review,if my partner earns(for the sake of argument) 60% of the household income, then she should pay 60% of the bills.
I therefore pay 40%.
The surplus for my IVA is what I have left over after the 40% payment.
Her surplus should not be affected(its not her IVA)
Is this correct??
Thanks in advance
Steve

[MelanieGiles]

That is how I work Steve, but I am not sure that all firms do.