Hi can anyone help, my Ex has recently gotten into a lot of debt since we broke up (of which I had no idea) and has applied for an IVA and asked me to sign a RX1 form. We have a joint mortgage together and own our house 50/50 but we only just bought it summer 2018 so I have been reassured there's no equity in it yet and it will take around 5 years to get any. My plan is to get back to work (currently full time mum) and to take him off the mortgage which he is more than happy to do so. Will I still be able to do this if we sign the RX1 form?? I've been worried sick about all this, really looking for positive answers thankyou everyone xx
OK -- first, the equity position will not be decided until about 5 years time .. so there might be equity by then ... but it will have to be more than £5k for his share to trigger the equity release.
If the clause is triggered he will have to try to remortgage (which, presumably, you will not agree to) or extend for 12 months.
I would suggest he talks to his IP and gets the property excluded for this reason and takes the extension from the start, in which case there will be no RX1 --- however, even if the IP agrees to ask creditors they might refuse. But always worth a try.
If there is an RX1 restriction put in place you will not be able to take him off of the mortgage until his IVA is finished.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thankyou 'Foggy', so when you mentioned about the equity release has to be over 5K to trigger it, would it have to be 10K altogether with 5K being his share or you mean 5K altogether? He's going to ask them tomorrow to see if he can just take the extension year instead.
Fri May 24, 2019 10:12 pmConfusedgirl wrote:
Thankyou 'Foggy', so when you mentioned about the equity release has to be over 5K to trigger it, would it have to be 10K altogether with 5K being his share or you mean 5K altogether? He's going to ask them tomorrow to see if he can just take the extension year instead.
His share has to be over £5k, assuming your IP uses the common interpretations.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
