Hi
This has probably been answered before but here goes. I have a joint mortgage with my mother due to a divorce which meant that I had to take it on to keep a roof over our heads. If I went into an IVA would this mean that I have to do anything with the house? Thank you for any assistance.
Under current IVA protocol, you would be required to offer equity from your property during the final year, based on new lending of a maximum of 85% loan to value - and then subject to deducting the current mortgage and your mother's share.
Your mother will need to agree to this, as a caution has to be placed over the property at HM Land Registry preventing a sale without your IP's permission.
The new lending in the final year is subject to your mortgage payments not costing more than 50% of your then monthly IVA payments.
If you have already found an IP to act for you, do make sure that they carefully explain this to you - for yours and your mother's sake.
I agree with Melanie that you need to speak to an IP as soon as possible.
Visit www.iva.com for a list of companies and reviews, or click on the expert link on the left hand side of the page. The IP's on there come highly recommended. Give one or two a call and they will explain all the options open to you and the best way forward for your circumstances. The advice is free.
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
Thank you for the quick responses. Sorry for me delay in reply but unforunately I have been off work due to illness and only have internet access there.
As I don't want to put any constraints on my mother I am currently looking into payment plans at present instead of an IVA and will also speak to the professionals.
I have been looking into DMP's however I am not sure if they are the best route for me. I need to contact an IP but is it best to go for one local or one that come highly recommended on here?
My current situation is that there are a couple of credit agreements that I am struggling with each month because of high monthly payments. I have looked at getting a part time job (had one previously) but my options are limited as my current employment could mean that I need to work late in the week or weekends on occasion.
I think my major sticking point is my home because as mentioned before this is a joint mortgage with my mother and she wishes to sell in around 3 years when her part of the mortgage finishes. I have taken on the other part to cover the gap my father left behind and I cant see there being any equity in the property due to the amount owed. On some sites it mentions that an additional year can be applied for in an IVA rather than attempting to remortgage etc... Could it be negotiated with the creditors from the start to leave the property untouched given my current situation?
Sorry for the long message. I will speak to someone about my situation but I don't want to go with the wrong person and I want to get things clear first.
Hi
When your mother sells will you receive your share of any equity ? if so this can be paid into your IVA and this agreement made at the outset of your IVA proposal.
Regards
You don't have to use an IP who is local, as it is not necessary to have a face to face meeting.
Visit www.iva.com as the companies on there are highly recommended, or click on the expert link on the left hand side of the page as the experts who post on here come highly recommended as well.
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
Hi Andy, When my mother comes to sell the house I will have only been paying my share of the mortgage for a short time (Been paying for 2 years so far) and she has said that she will give me some money back but there is no set amount.
If I can come to an agreement with my creditors that wont affect the house then that would be great and if it means putting whatever I get into the iva then that would be fine with me.
I was thinking of contacting Melanie Giles from this site as she has lots of recommendations on the site and has already offered me advice. That is if she isnt already too busy[:)]
Melanie does come recommended. Contact her office in the morning and I am sure they will assist you.
You can check out one or two more from www.iva.com just to get a comparison. All advice is free.
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
