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[ValiantGal]

I'm currently in the process of changing from a Debt Management Plan to an IVA, but I have a query regarding the property I live in.

Here's a bit of background...

I live with my partner I have only lived with him for a little over 2 years. He has the mortgage on the property as he's lived in it for a number of years and has also had to remortgage about 4 years ago when he and his wife separated.

I do pay money to him each month, which covers all bills etc but nothing towards the mortgage as I will not benefit from it. He is to draw a will up whereby should he die ... I will be able to remain in the property until my death or should other things happen to change my circumstances (meeting someone else etc). He has 2 grown up children who will receive the full percentage of the house. Which I may add I think is a good idea.

Sorry for going on, but my question is, how will I be treated as far as the IVA and property is concerned. The company that spoke to me told me that I may have to release the equity as I have a legal right to the property? But my thoughts behind this is it's his property, he pays the mortgage, He's had a mortgage for 20 odd years and I don't consider the property to be mine as I have no legal right to it

My partner does not know about my finances and I'm dare not tell him!

[CoverItAll]

Hi ValiantGal

One of our IP Experts, or a knowledgable Forum Member will be along soon with an answer.

John Tegg
www.protectiva.co.uk
0800 180 0099

We will make all your IVA payments for you if Accident or Sickness stops you paying them yourself.

[Adam Davies]

Hi
There is a possibility that your creditors and your IP will feel that you have acquired an interest in the property so be sure to discuss this with your IP in detail.
Melanie or Catullus,both IPS,will be able to give you further advice
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

I don't agree that you have a legal right over his property - given that you have only lived together for 2 years, but it would be best to take specialist legal advice on this matter before proceeding.

If you are paying your partner rent for living in his property, then this should be taken into account within your income and expenditure account, and whilst there may be a possibility of a Trustee in bankruptcy arguing you have a beneficial interest (a weak case in my opinon) this action is not available to a Supervisor of a voluntary arrangement.

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

[ray_a]

Would it help if there was an agreement set up between your partner and yourself to state that you pay rent to him and that you have no interest in the property?

Just thinking if that would be away around the problem?