Can they take my mothers equity in my IVA?

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jen
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by jen » Sat Sep 01, 2018 5:57 am
I live with my mum, she has paid the mortgage off, i'm currently in the process of getting an IVA, will they try to release equity on my mums home to help pay it? I don't want her to know about the IVA.
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abbiesmum2003
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by abbiesmum2003 » Sat Sep 01, 2018 7:38 am
Im not an expert on these things but just from what I know I wouldnt think they could unless you are named on the mortgage and have a share in the house. Like I say not an expert. Im sure Foggy will be along sometime today and give you more sound advice.
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ginger3242
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by ginger3242 » Sat Sep 01, 2018 7:49 am
Unless you are listed on the deeds/ mortagage - your IVA has nothing to do with your mother or any equity on her house
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Foggy
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by Foggy » Sat Sep 01, 2018 8:35 am
As mentioned -- as long as you have no interest in the house ( not on deeds or mortgage ) it is of no concern to your prospective IP. If the firm you are speaking to try to intimate any beneficial interest go to another firm. Your mum's finances are her own business.
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jen
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by jen » Sat Sep 01, 2018 1:32 pm
Thanks guys I thought as much but good to hear it confirmed. We dont share a mortgage or anyrhing financial. Would the IVA affect my mums credit score while I'm living there? We have the same surname. Thanks.
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Foggy
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by Foggy » Sat Sep 01, 2018 1:35 pm
jen wrote:
Thanks guys I thought as much but good to hear it confirmed. We dont share a mortgage or anyrhing financial. Would the IVA affect my mums credit score while I'm living there? We have the same surname. Thanks.


Credit associations no longer go on address or shared names --- there has to be a confirmed financial association.
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Radish
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by Radish » Sun Sep 02, 2018 8:28 am
If you rent your home and don't own it, your IVA is the fixed term and payments providing you have no windfalls or change in circumstances, if you own your home, you wont likely be able to release equity so chances are you will pay for an extra 12 months. This was the case when I was on in IVA anyway. I told my parents about my IVA just before I went onto it and its the best thing I ever did, just someone extra to talk to and this helped me through it. I certainly did think along the lines of not telling them - but I would have had to explain why I didn't have spare money when my job's well paid - I didn't want them to think I was gambling or doing something I shouldn't. Tough one.
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kallis3
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by kallis3 » Sun Sep 02, 2018 9:11 am
You'll be fine Jen, as will your mum. My parents never knew about my IVA.
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