I have been on my parents small mortgage, which has been paid off in the last week so and I was is discussion with two different iva companies and now one of them is saying that since I was on a mortgage I've technically gifted my share of the property back to my parents so they couldn't accept an iva
I was ONLY on the mortgage and NOT the deeds so I never owned any property
I don't know the definitive answer but I would suggest speaking to a few more companies.
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.
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My own opinion is that if you weren't on the Deeds then you never owned the property and therefore this wouldn't be an issue. Why not double check it with them and/or seek the advice of another expert. There are some who post on here you could try - have a look at the IVA experts section on the left hand side.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
I agree with Shaun. What I think the provider is saying is that you could be deemed to have an equitable interest in the property, having, at least on paper, paid for some of it. This would be a matter for the courts to decide, if i ever came to that, and, I think, the person who advised you simply does not want to get involved in any potential arguement.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
