Ex husband entered into an IVA

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sharon462
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by sharon462 » Tue Sep 19, 2017 9:08 pm
Ex husband entered into an IVA , he included a joint loan , absolved himself and passed it all onto me , is this legal ?
Also mortgage still in joint names how will this affect me when I want to sell ?
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kallis3
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by kallis3 » Wed Sep 20, 2017 7:53 am
Unfortunately you will be liable for the loan and must continue making payments. As regards the house, there will have been a restriction on it so that it cannot be sold without the IP's permission. Did you have to sign a form at all?
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Foggy
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by Foggy » Wed Sep 20, 2017 8:22 am
As Kallis mentions, the joint loan is "Joint and Several", meaning both are responsible for it's repayment. If one party cannot or will not pay then the debt falls entirely to the other. As he has entered an IVA he has to declare this loan and has no choice in the matter.

The IVA does not absolve him from his responsibility for the mortgage however, as secured lending isn't included in the arrangement as such. In his IVA he will have undertaken to attempt to release some of his share of equity from the house, or, if that fails come the time, to pay an extra 12 months into the IVA. The IP will normally place a restriction on the deeds, which you, as joint owner, will have to agree to and sign. If you have not been asked to sign anything (Form RX1) either the house has been excluded and he has agreed to an extra 12 months ahead of time, the IP hasn't bothered with a restriction ( but might do shortly) or, your ex has signed on your behalf.

If the house has been assigned to you under matrimonial proceedings and, although still on the mortgage, he has no interest in it then it would not be included in the IVA anyway.
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Michael Peoples
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by Michael Peoples » Wed Sep 20, 2017 8:41 am
If you now have to pay this loan you should make a claim in his IVA. You should also get legal advice to protect the property but as Foggy says you may be fine anyway if the property has been addressed in the marital settlement.
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