What are the implications of having a joint mortgage with my ex partner who is entering an IVA ?

[longslog101]

remember also his so called legal advice will be based on what he has told then, if he has concocted some story about you using his cards unauthorised that is what they are basing their advice on, just be honest with the CAB and the solicitor you visit.

[longslog101]

just tell them to send you the offorms by email, then you can take that info with you AND you have the name of the company he is planning to use.

If he is threatening to cancel the mortgage payments you have that in writing now too, so take that too, your solicitor might advise that the best form of protection now is to sell the house and inform the mortgage company of the situation suggesting you can no longer afford the mortgage and force closure of the mortgage....

don't raise to email tit for tat and just take all the stuff and threats with you. he has also just admire he will knowingly not pay a debt to save money before going into an IVA - I'm not sure what the implications of that are !

[Sarah.63]

Thank you again. I'm waiting for a solicitors to contact me. I have got the name of the insolvency practitioners.

The forms are:

1) I hereby agree to the registration of a Form RXI restriction at the land registers over my property at .....

Which we both have to sign...

2) Important Information You Need to Know About Your IVA

You will require a bank account with a bank that isn't one of your creditors, as they could freeze any funds you may have.

You should stop payments to all your current unsecured creditors, but continue paying your rent/mortgage, utilities and hire purchase (if applicable).

You will be required to make a payment before a creditor meeting can be booked to show your commitment to the IVA (usually requested within 30 days of receiving your case).

Your creditors may chase you up until your creditor meeting has been convened (Although they usually put a hold on the account prior to this).

75% of your voting creditors need to accept the IVA at the creditor meeting for the IVA to be approved.

If you have any joint debts and the second party is not included in your IVA they could be chased for the full amount owed.

Once your IVA is accepted your income and expenditure will be reviewed every 6 months and your payments may increase as your creditors expect you to pay more if you can afford to.

Once in the IVA you must not have an overdraft or any further credit.

If you are a homeowner it is expected that you attempt to re-mortgage in the 5th year of the arrangement and if possible release any equity into the IVA,

I can confirm that I understand and agree to all o the above.

Surely I don't have to sign that second one? He can do that without me?

[lifenoteasy]

Do not sign the second one - that is for him alone.

If you sign you are indicating that you wish to go into an IVA as well.

He better look out - income and expenditure reviews are normally every 12 months (not 6) so he is not going to have much of a life.

[longslog101]

I would be very weary about signing either !! i's also be Very weary if there are any other joint debts he has accrued in both your names you may not know about or
secured any other borrowing against your joint property !

also your ex is being fleeced , reputable firms don't charge anything upfront ! you might want to tell him that, or just let him waste his money.

if be interstednti know what the IVA firm reps on here would propose in your situation, Michael , Lisa, Andy etc must have of have had a similar case and what was best way forward ?!

[longslog101]

You might want to spend a few quid and do a land registry serach on their official website, it's about £3 to make sure its all as you expect it to be at present.

https://www.gov.uk/search-property-info ... d-registry

[Sarah.63]

Land registry is looking okay having checked it... I'll let him deal with what IVA firm he choses, he wouldn't take any advice from me anyway!

Im not going to be able to see a solicitor of any sort until next wednesday now, which is a pain.

From what I can gather though the only way to stop this IVA having any sort of negative impact on me would be to force the sale of the house, which is something I have looked into before and I really don't have the means to do this. Money is tight, and there is no way I can afford to pay for it.

If I was unable to do this - and i have to remain associated with him... could I sign the RX1 but refuse to sign the second, and then have an agreement put in place that at the end of the IVA - He either remortgages in his own name/with someone else or we sell?

Also, if at the end of the IVA, and say we did stop being financially associated because of the mortgage, will my credit report be in effect wiped clean of any kind of bad effect this has had on it?

[lifenoteasy]

The second form is not for you to sign - that's where he signs.

[Sarah.63]

i've queried this - and apparently I have 2 forms to sign - and those are the 2 they have given him. I'm definitely not going to.

[lifenoteasy]

I wouldn't - you are not the one going into an iva.

If need be have a word with your bank to make sure that any financial association via the mortgage does not impact.

[Sarah.63]

I'll give my bank a quick call.

I have the name of the IVA company, but I cannot find them online - or get through to them on the phone. Would it be appropriate for me to email them some questions FAO of his IP?

I'm looking to forward this:

Hi there,
I've been passed 2 forms today to sign from my ex partner with regards to the single IVA he is arranging.
I have been trying to ring, but cannot get through to anyone. I am concerned about the second letter that he has asked me to sign with this information:

Important Information You Need to Know About Your IVA
You will require a bank account with a bank that isn't one of your creditors, as they could freeze any funds you may have.
You should stop payments to all your current unsecured creditors, but continue paying your rent/mortgage, utilities and hire purchase (if applicable).
You will be required to make a payment before a creditor meeting can be booked to show your commitment to the IVA (usually requested within 30 days of receiving your case).
Your creditors may chase you up until your creditor meeting has been convened (Although they usually put a hold on the account prior to this).
75% of your voting creditors need to accept the IVA at the creditor meeting for the IVA to be approved.
If you have any joint debts and the second party is not included in your IVA they could be chased for the full amount owed.
Once your IVA is accepted your income and expenditure will be reviewed every 6 months and your payments may increase as your creditors expect you to pay more if you can afford to.
Once in the IVA you must not have an overdraft or any further credit.
If you are a homeowner it is expected that you attempt to re-mortgage in the 5th year of the arrangement and if possible release any equity into the IVA.
I can confirm that I understand and agree to all of the above.

I cannot put my signature to this document as the information is not relevant to me. I am not part of the IVA and I do not wish to be involved.

In regards to the re-mortgage - Can you please confirm that if this time comes, that I would not need to be a part of this process? I do not wish to remortgage the property, although if *** wishes to do so he can in his own name, or with someone else.

One further question, the only joint debt we had was for the mortgage, can you confirm that this is the only joint debt that you have?

****

Would this be acceptable?

[lifenoteasy]

Can you say who the company is - we might recognise it?

[Sarah.63]

I've tried to google them, and ring them with no luck.
They're called

Shaw Cross Willi ams based in Bedford.

sorry if that seems strange to put it all disjointed above but i couldn't find anything on google, so if he searches them I don't want these posts to come up as a hit on the search engine.

[lifenoteasy]

Appears to be a relatively new company with one of the ip's only qualified in last 19 months or so.

Put everything in writing and your email is a good start in terms of what to send.

Smaller, local companies tend to be better at seeing the bigger picture.

[Sarah.63]

Thank you. That's interesting to know.

I have sent the e-mail and I have told my ex that I am in contact with them. After speaking to a solicitor next Wednesday I'll have a better idea as to where I stand.

I will update with what they say!

Thank you all for the advice today, It's helped me think a lot clearer!