Hi my partner is getting some monies form his mother's will which he will pay off the the mortgsge as he has nothing to do with my IVA what will happen as I know I won't get any money but as I'm sixty will not get a mortgage anyway as I can't work after accident at work can the IVA people get any of this money
If he is not part of your iva then no he's totally safe and no matter how much money he gets its his.
Even if his income was taken into account for your income and expenditure figures a windfall that is his remains his.
However, just to be clear do not put any money in joint accounts. If the mortgage is joint or your income and expenditure shows you paying some towards it then your payments could alter. But his money is always his.
I assume equity has yet to be addressed, if you are a joint owner -- if so and he pays off the mortgage, that will make the property look all the more inviting to creditors, who might then push harder for a release rather than an extension of the IVA. In which case it would be better for him to bank the money and wait out the IVA before doing anything.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree with Foggy and Michael. If he pays off the mortgage that will increase your equity. Would probably be better for him, if willing, to put forward a F&F instead so you can close your IVA early and then spend the balance on paying off the mortgage.
