will my creditors have access to the house value

[jan.f]

I have lived with my partner for 29 years. The mortgage on the house in which we live has finished, and the house is in my partner's name. If I opt for IVA, will my creditors have access to the house value

[MelanieGiles]

Hi jan f and welcome to the forum

In law you are not an owner of the property, but you may well have acquired a beneficial interest given that you lived in the property so long and have probably contributed to its upkeep. What is the property worth, and how much are your debts. Were your debts incurred jsut for you, or has your partner benefitted from the money borrowed in any shape or form, and does he have debts of his own?

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

[jan.f]

Property is valued approx £170,000. My debts are around £23,000. These were debts were incurred by me and my partner did not benefit from the money. He does not have any debts of his own that I am aware of. He knows that I have debts but not the extent.

[Storm]

What is the outstaning mortgage on the property ??

Do you and partner share the bills / running of your home ?

[Adam Davies]

Hi
There is no outstanding mortgage according to the original post.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Hi again jan

I am afraid that it does look to me as if you would have some form of interest in the property, given the length of time you have been co-habiting. My advice would be to see if creditors will be prepared to accept a lower settlement, and then raise some money against the property by way of re-mortgage.

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

[Storm]

Sorry didn't read properly.....

I am sure the other experts will concur the problem is that over 29 years you have accrued a beneficial interest in the property.

[iva_squirrel]

Hello Jan,

Welcome to the forum.


Melanie is right, full and final settlemet iva could be an option for you. You can ask your creditors to let you pay a lump sum which is less than the full amount of your debt. This is called a Full and Final Settlement. In return for this payment your creditors agree to write off the rest of what you owe.

Do you think he would agree to release equity for you to sort your financial situation out?

Kind regards,



Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm