Hello all, Im brand new here and Im so pleased I have found this site. I have mnay question but I guess the key one at present is as follows:
I am almost three years into my IVA. My husband and I have no joint finances. Our current house is mortgaged solely in his name and I pay 'board and lodge'. After 18 mths we finally have interest in our house, but my husband has since been made redundant. I now earn a decent salary and could possibly get a mortgage in my name despite my IVA. My query is whether the IVA would then be able to claim anything back from my home at the end of my term, and whether they would take increased mortgage payments into account when conducting ym yearly review?
Any advice/opinion is gratefully received, thank you.
Firstly welcome to the forum - a great site to get answers and support from !
Unless your IP agrees to you entering into a new mortgage and that you can get a good deal whilst still being in an IVA I fear you may not have many options.
Whilst in an IVA your credit is shot for 6 years from the day of the agreement and gaining a new mortgage is difficult,especially in the current climate - I hope you manage to resolve your queries and things work out for.
Keep posting on the forum - we are here to support
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
You do need to speak to your IP as Lulu says. Any change in circumstances needs to be notified to them.
There are mortgages out there, Welshboy who posts on here is a mortgage advisor. His details can be found under the experts link on the left hand side of the page. You could always give him a ring.
I take it with your IVA that there was no restriction placed on you selling your house by your IP?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
This is a relatively complex issue to discuss on a forum, and as other posters have mentioned it would be sensible to chat things through with your IP. So long as the suggested mortgage does not affect your IVA payments, then in reality there may be no difficulty in switching the mortgage over, but do check first before you take steps to implement this.
Cannot see the need for you to take out a mortgage in your name. The Board and Lodging you pay could be increased to cover the cost of the mortgage until such time as your husband finds another job. Please speak to your Supervisor (IP) and dsicuss with him as if you do take out a mortgage and the obtain an equitable interest and property values increase it could affect your IVA - so speak tom your IP asap. Let us know how you get on.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Great looking forward to hearing what he/she suggests.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Fingers crossed that your husband finds a job soon jlo.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
