mark990 wrote:I started my IVA in April and am two months in now which is a huge relief. I just wanted some advice about the point where my wife and I will have to try and re-mortgage our home to pay the balance off at the four and half year point - providing we are unsuccessful at this point the IVA will continue for a further year taking us up to 6 years and then any debt remaining will be wiped at that point. My only concern is my wife has a property which we rent out which is currently in joint names - could they force us to sell that to repay the balance owing? Should my wife put the property just in to her name to be on the safe side?
Has this property been declared to your IP as an asset? Removing your name now could be viewed as a means to deprive creditors of any value they might be entitled to. If this has not be declared to your IP the IVA could be at risk of failure for non-disclosure and the matter is better dealt with now, in the early stages, rather than jeopardising the IVA after you have made several years payments.
Unfortunately no, my wife isn't in a position to buy me out and repay the IVA early. She would only just have been able to afford to take the mortgage on in her own name for the buy-to-let property. If, further down the line though, we were to settle the IVA early do you still incur the fees?
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