hi - myself and partner may be splitting up and we have a joint mortgage. how will this affect my IVA? i may have to move out but am not sure yet? thanx
If you do split, you will need to inform your IP as you may need to have a reduction in payments depending upon what happens.
Better to sort it all out once you and your partner have decided what will happen to the house etc.
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
You will need to ascertain what monies you will be receiving from ex (if any) and what your contribution availability would be possible by discussing with your IP. Sorry to hear about your current predicament.
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.
hi thanx for the info - i should have added that my partners income or half of the mortgage was taken into consideration when my IVA was approved so it's soley against what i earn and my half of the mortgage if that makes any difference?
It depends as to what is going to happen to the property and what arrangements you are coming to with your partner.
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.
It will all depend as well on what rent and other bills you will be paying if you are the one to move out.
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
if i move out and was renting, what would happen at month 54 when i am expected to have a valuation for remortgage purposes? also i have not yet completed the form, as i havent received it, that states the house cannot be sold for the duration of the IVA so would it be viewed as a failure of the IVA? thanx
If the separation from your partner is to be a permanent one, and you move out of the house you own jointly, this will need to be dealt with as part of the separation proceedings which will include a division of assets.
Your IP may well then call on you to contribute some of that money (if there is any equity in the property) into the IVA for the benefit of creditors, instead of relying upon the month 54 valuation. You really need to share this information with them and take advice directly.
Not sure what would happen as regards the house sale, you would need to speak to your IP. If it were sold, then your share of any equity would go towards your IVA.
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
I hope it doesn't come to that flaps and you manage to get yourselves back on track.
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
