How to explain mortgaged property

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vitofl

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Joined: Mon Sep 28, 2020 8:24 pm

Post by vitofl » Mon Sep 28, 2020 10:06 pm
Hi,

I’ve been on IVA just over a year. Since I’m leaving UK permanently soon I’ve offered Payplan £ to finish it early.
I got an email today asking me if “will you have to continue with the upkeep of the mortgage property or is your wife going to be taking this solely on?” We are separated and have 2 children together , and they will be staying in the mortgage property. Property and mortgage is on both names 50/50.
What should I tell them to have more chances to be accepted for early settlement please?

Thank you

Foggy

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Post by Foggy » Tue Sep 29, 2020 6:53 am
You have to be honest and the situation, at the moment, is what you have put in your post --- that you will be living abroad and that your ex wife and children will have sole use of the house.

It will stay that way until the legal formalities of a divorce are dealt with and, then, the courts will order what is to be done ---- it is likely that your wife will remain in the property with the children until they are adults.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

vitofl

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Joined: Mon Sep 28, 2020 8:24 pm

Post by vitofl » Tue Sep 29, 2020 8:50 am
Morning Foggy,

Thank you for your reply. Much appreciated.

The question if I will help with the upkeep of the property sounded tricky. Of course I will help. I just don’t want them to force me to remortgage now. Can they do it?

Thanks

V

Foggy

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Post by Foggy » Tue Sep 29, 2020 9:18 am
Tue Sep 29, 2020 8:50 amvitofl wrote:
Morning Foggy,

Thank you for your reply. Much appreciated.

The question if I will help with the upkeep of the property sounded tricky. Of course I will help. I just don’t want them to force me to remortgage now. Can they do it?

Thanks

V
Good Morning V ---- with the complications of a marriage break up the most likely outcome of trying to remortgage would be the 12 month extension. Anyway, under the revised covid-19 guidelines ( Here: https://www.gov.uk/government/publicati ... a-protocol ) IPs are supposed to skip that question and go straight to extension, assuming that you would have more than £5k equity in your share. Some IPs are overlooking the covid guidelines, so might need reminding. If your offer is based on remaining payments plus 12 extra payments, then that takes care of the question and it will be up to creditors to accept or refuse.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

vitofl

Posts: 3
Joined: Mon Sep 28, 2020 8:24 pm

Post by vitofl » Tue Sep 29, 2020 11:17 am
Thank you very much.

Regards,

V
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