I want to get my name off the property

[andrea.b]

Hi, I entered into my IVA in March 07, at the time I lived with my partner and had a joint mortgage. Unfortunately we have decided to separate and as he has lived in the house 17 years and I have only been on the mortgage for 2 years, I am moving into a rented house with my 2 teenage children. I want to get my name off the property, will I be able to do this? and secondly I don't think I will be able to continue paying the same monthly amount for my IVA, what will happen?

[MelanieGiles]

Hi andrea and welcome to the forum

Was the property included in the IVA in any way - ie equity release during final year? If not then there is no problem in you transferring your interest in the property back to your partner, although you will have to make sure that he pays you for any increase in value you have both enjoyed during those two years.

Secondly, if you feel that you are not going to be able to afford the IVA repayments, you should discuss whether it will be possible to reduce them with your supervisor. He will need to see a revised income and expenditure statement from you, in order to judge whether a variation to the original terms is viable.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[andrea.b]

Hi, Yes unfortunately the property was included in the IVA

Regards Andrea b

[MelanieGiles]

You will need to discuss this with your IP, to see if it would be possible to effect the equity release at an earlier stage - ie by your partner buying you out. Did he give his express permission to effect the remortgage to assist you with your IVA at the time of your creditors meeting?

This could all be academic, however, if you genuinely cannot afford to continue with the payments.