Get expert opinion. This is the place for new questions to be posted.
-
tasha394
- Posts: 11
- Joined: Thu Apr 23, 2020 3:40 pm
I'm looking for advice please so we are in a joint IVA, we pay £314 a month, we have paid £8,636 and have £10,676 left to pay (34 months).
My dad owns my house, bought outright, in 2014 now he wants to transfer it into my name as part of my inheritance. He has put a stipulation in place so noone can borrow any money against it.
What would this mean for me, how would this affect my IVA?
-
Breezy
- Posts: 195
- Joined: Thu Jun 24, 2021 10:04 am
The property will become an asset of yours and part of the equity will be due to the IVA, unless creditors agree that, due to this non-borrowing stipulation (which might not hold up in court), they will accept 12 extra payments instead of equity release.
I would strongly advise against a transfer to your name until the IVA is done and dusted. Does he know about the IVA ? How has he / will he stipulate(d) non-borrowing ?
I am not qualified to give advice and can only state my opinions, based on my IVA experiences.
