As your interest in the house appears to have been excluded (which I have to say is unusual) then your husband is free to do what he wishes with the inheritance and paying off the mortgage should pose no problem to your IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
This one: : As your interest in the house appears to have been excluded (which I have to say is unusual) then your husband is free to do what he wishes with the inheritance and paying off the mortgage should pose no problem to your IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Lisa Thomas wrote:That suggests to me that the property is NOT excluded.
The way I read it is that the 12 months was added on to the IVA at the start to negate the need to include the property (which, I have to say, is an unusual move unless there are circumstances of which we are not aware).
Possibly, at the inception of the arrangement, taking into account that the mortgage was interest only and the ages of the applicants, the IP had the foresight to see that a remortgage was going to be impossible and so tacked on the 12 months instead.
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 - it is usual for an extra year in lieu of equity.
Sharing from experiences of dealing with debt
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