will i be required to release equity

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shafi

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Post by shafi » Wed Jun 27, 2007 9:14 am
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I have a wife and two kids. The property we are living in is in my wifes name but i contribute towards the mortgage, i have debts over 15000,if i enter into an iva will i be required to release equity from the property to pay the balance to my creditors after 60 months
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MelanieGiles

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Post by MelanieGiles » Wed Jun 27, 2007 11:40 am
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Hi Shafi and welcome to the forum

I suspect that you have developed a beneficial interest in the property, on grounds that you have been contributing towards the mortgage and running costs. How much equity is there in the property, and will your wife agree to a remortgage?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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