Good Afternoon!
This is my first post and Im in a bit of a situation and dont really know what to do! Its a bit long so please bear with me.....
About 18 months ago I entered into an iva cos my ex wife left me with alot aof debt and couldnt manage payments.....
Im a home owner but the house is in both our names.
Since the iva started everything was fine untill a few months ago when I recieved a letter stating there was going to be a cahrge put on my property in my ex name as she had not paid a debt but I had put it into my iva proposal, I forwarded this lette onto my IP but she just added it to my amount of debt even though I was paying it already, it was under another companies name as it had been sold on. I didnt think this could be done????
Now I dont know if I can get the charge transferred into my name as it is being paid via my iva. Does anyone know???
Another thing is that the ex wants her name off the property now meaning I may lose my home cos of this charge. Does anyone have any advice???
One option is to sell the property but is there a clause in iva proposals that any money made from selling would have to clear the iva as much as possible or is it up to me what I do with it as I dont really know. Another option is to transfer the deeds into my sole name but can I do this in an iva and where would i stand with mortgage? I really dont know what to do and any help would be much appreciated.
Thanks, Roger
Hi and welcome
As it is a joint debt I think they can put the charge on your joint house in your ex wife's name.
I think your IP may have made a mistake adding it into your creditor list if you already have it included.
You will not be able to have the charge transferred into your name and your wife can't take her name off the property as far as I am aware because I presume that she is still on the mortgage ?
If you sell your share of any proceeds would go into your IVA and your ex would receive her share less the charging order amount.
Chat this through with your IP
Regards
We assume that this is a joint debt - but could you please clarify that point please RR.
If you entered into an IVA and included that debt in the proceedings, but your wife then defaulted on her payments - under the principle of joint and several liability the creditor could continue to pursue her in whichever way it deems necessary. With her still being a joint owner of the property, this will include being able to secure a charge over the property - but only over your wife's own share.
Thereafter the creditor could attempt to enforce a sale of the property, but in my opinion it would be flawed given that you remain resident in the property and she does not, and also that your share of the equity is captured under the IVA.
Is there any equity in the property? If not, then the issue of the charge is rather academic, and if I were the creditor concerned I would be pursuing easier ways of getting money from your ex-wife.
If your wife wanted to release her share of any equity in the property as part of a matrimonial settlement, she could potentially force the sale of the property - but your own solicitor would be better placed to advise on this point.
