Hello, i''m in a bad way and need some good advice, i hope you can help. I jointly own a house with my engaged partner. She has 3 boys although only one is 15, the other two at home but over 18.I did put 23k of my money down as a deposit although that''s probably irrelevant. Mortgage 140k, the value to sell 149k. I have an IVA of 33k and have completed 27 months at £330/mth. In the fourth year a revaluation/ remortgage with a minimum of £6,400 being found. This is to be MY half of any equity.
All''s going well apart from my 8yr relationship, too much to bear anymore, so my fresh start after divorce some years ago has gone pear shaped. I care very much and don''t want to see my partner booted out with her son. I would like to hand the house over to her and just go. I will have the means in 3 years time to pay in excess of 6k to the IVA but i''m so scared that mentioning this break up to the IVA practitioner could complicate my life further with a reposession/ bankruptcy and i just don''t think i could handle it. Your help is needed, thanks.
I am so sorry to hear about your problems, It is sad when a relationship breaks up like that.
I'm not sure what the position would be with your house, as you have obviously got some financial interest in there, and I presume your name is on the deeds.
One of the technical experts who post on here will be along shortly to give you some advice.
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
I too share your sadness at a relationship break up - never easy especially where there are children concerned. Have a chat with your IP as to the best way forward. On the figures you have quoted, it would currently seem unlikely that you will need to raise much equity during the final year, unless house prices go zooming upwards.
I've just spoken to my IP, very very helpful. As i can guarantee the lump sum at the end of the 5yrs and continue paying each month, they will try to remove the 4th yr remortgage clause thus freeing me from that link to the property. A small weight has been lifted.
Unfortunately I spoke too soon and they'll not remove the clause. So it's an enforced sale of the property but the emotional turmoil in the house is awful and neither of us can move out due to the IVA and finances. I wish i'd had a crystal ball !!!!! Thanks Viki.
Hi
An enforced sale ?
That seems harsh.
Who knows what the house prices will be in two years time,you could be in negative equity.
Ask about a possible extension to your iva instead of the equity release,or have you a family member who may loan you the guaranteed amount ?
Regards
It is not their decision - but one which should be put to your creditors given the change in your circumstances. I would politely insist that revised terms be placed in front of your creditors at a newly convened meeting as soon as is feasible.
Just a follow up to say that all did go pear shaped and I had the worst few years of my life.
I moved out, moved back, all but one boy grew up and moved away, lived in the the house with the ex partner and her son for the remaining term of the iva which I've managed to complete against all odds.
A sigh of utter relief when it was all done, mind you the house is indeed in negative equity and to prevent a continuation I borrowed the £6,400 from family.
I now pay them back instead. Not ideal but at least it's over.
Thank you for all your good advice even though I was totally too far gone to use it wisely.
Incidentally, I will never ever have credit again !
Cheers.
I'm glad you managed to get things sorted even though it has been a long road.
Good luck for the future
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
Nice if you to come back and tell us the outcome. Well done on finishing your IVA ..... Once you have paid your relatives back you will be completely debt free and able to move forwards with your life!
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
