Im applying for an IVA. I live with my ex partner whom I separated from some years ago. I returned as a carer when he became seriously I'll. We live separate lives and all the debt is in my name. The property is owned outright by us, and our wills state that our two children by separate marriages cannot be disinherited by either party. The IVA practitioner says he will apply to get the property excluded at the start as my husband is 77 and I'm 67. I'm scared it will be included in small print I don't understand.
It should be fairly clear in the assets section of the proposal and will be along the lines of "I propose to exclude the property for the following reasons....."
There should then be no equity release clause in the proposal at all, or further reference to the property.
Then you MUST check at the creditors meeting that there are no amendments put forward by creditors to bring it back in. I imagine they might want to extend the IVAs by a year in lieu of any equity release.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi - Please don't be scared. Your IP will include the property under excluded assets section of your proposals.
As Foggy suggests however if creditors decide to modify this they will provide a list of modifications - your IP will then let you see those and ask you whether you approve them or not.
The proposals will be backed up by your Nominee who will be recommending creditors accept them.
I hope creditors vote in favour for you - best of luck.
