I had a property on my name to help a relative

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faz

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Post by faz » Tue Apr 15, 2008 12:29 pm
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I have debts mounting to 29,500. However I would like to know that I had a property on my name to help a relative. I did not gain any profit nor did I make any payments towards this property. The relative was paying for everything. I am considering the IVA do I still have to release an equity of this property towards this IVA agreement. As I have recently transferred this property to my relative's name. I am currently working full time. Please can you advise asap. Thankyou
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debbiw

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Post by debbiw » Tue Apr 15, 2008 12:49 pm
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Hi Faz, I'm not an expert, but one will be along shortly to help with your question, just wanted to say hello, and welcome to the forum x
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chris.g

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Post by chris.g » Tue Apr 15, 2008 12:56 pm
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Hiya Faz and welcome.
I'm no way an expert but I guess it would need to be handled very carefully. If there is any documents proving that your relative has paid for everything and that you have not contributed in any way, I assume that would be a good start. One of the experts will need to advise you further on where you stand on this,
good luck
xx
It's nice to be back......
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MelanieGiles

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Post by MelanieGiles » Tue Apr 15, 2008 10:22 pm
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The IP you choose to represent you will look into the nature of those transactions and advise you accordingly. The issue is a little to complex to give detailed advice about on the forum.
Regards, Melanie Giles, Insolvency Practitioner
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Soulgrowth

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Post by Soulgrowth » Tue Apr 15, 2008 10:25 pm
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Hi Faz ... welcome to the forum.

I think you would have to prove that this is not a 'disposal of assets' ... as Melanie says it would be best to have a no obligation chat in person with one of the experts.

All the best

Debbie
Debbie
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