My husband and I have been married for one year, cohabiting for 18 months. He had debts in excess of 20k when we met. He is now going down the IVA route but his IP want me to get a valuation on my home and then sign an RX1 form or they won’t agree to the IVA. I don’t have any debt and the property is in my sole name. I have no financial association with my husband. There was substantial equity in the home when we met due to a large deposit I put down from the sale of my former home. I understand that he would have a future beneficial interest in the home due to our marriage but I don’t understand why his IP is taking an interest in my assets when we haven’t been together long and it’s not my IVA. My husband does not contribute to the mortgage due to the level of debt he has but he does pay me a monthly contribution towards food and bills. Can an IP refuse him an IVA if I don’t agree to provide a valuation on my home or sign an RX1? Thankyou in advance.
You can discuss the situation with the IP --- it is true that, in the future, he might have an interest in the property, but that would be for the courts to decide when and if the time came. My own feelings are that your personal finances shouldn't come into it, save for needing to work out shares of household expenses.
Who is he currently dealing with ? Has the creditors meeting taken place ? To cover the possibility of equity it might be possible to add in the 12 month extension in lieu from the outset and excluding this mythical interest.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
He is dealing with a company called Forest King based in Manchester who liaise with creditors on his behalf. There has not yet been a creditors meeting but they are telling him the creditors will apparently not agree to an IVA unless I agree to get a valuation on my house and sign an RX1 form. I’m not prepared to do either but I am wondering if they can refuse him an IVA for this reason. An additional 12 months on the IVA would be fine but not if it means the IP putting a restriction on my home
It's not too late for him to seek advice from another company. He can always change companies.
Basically all the RX1 means is that you cannot sell the house without permission.
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
I would think the proposals would disclose that the property is solely owned by you and your Husband does not believe he has an interest in it.
If creditors don't like that they then can vote against the IVA and make him Bankrupt but run the risk that the Trustee might also determine that he has no interest in the property and therefore (potentially) no dividend available for creditors (or much less than the proposed dividend in the IVA).
