My ex and I have a mortgage and he hasn’t paid anything towards it for almost three years. He has taken out an ivr and said it’s against the house. He said I would get forms that I would have to sign as the mortgage is in joint names. I haven’t received anything and his ivr has gone a head. Will he have done this fraudulently as he knew i wouldn’t agree? My thought is the house can’t be used as it’s joint? As we are unable to sell the house I am financially supporting the house and also the rented property I am in with my two children. This really is impacting my life dramatically and I haven’t done anything wrong. Please help
When in an iva if there is equity in the mortgaged house a restriction is placed on it preventing its sale without the insolvency practitioner agreement. It is not that it csnnot be sold just that you need permission to do so.
As joint owner there should be a form called a RX1 that is normally signed by all parties on the mortgage.
If it were me I would look at the insolvency register and gain the name of his IP, write to them to ask for clarification on the house situation. Explain you knew nothing about the house sale restriction etc and are concerned of its financial impact on you, and that you have received no paperwork to sign etc.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
It sometimes takes a few months for the RX1 to be issued by the IP. I would do as Luluj suggests and open a dialogue with the IP.
As Luluj also has explained the IVA isn't 'against the house'. The restriction is merely so the IP has warning if it is sold, as, in that case, your ex's share of the equity will be paid to his creditors. Your ex will also have agreed (whether he realises it or not) to attempt to release his share of any equity towards the end of his IVA -- in around 4 and a half tears time. In the circumstances this would be a difficult exercise and it may be that the house has actually been excluded from the arrangement and the arrangement extended by a year instead.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I have looked on the register and got the details. Apparently according to this the IVA was taken out over a year ago. I will write a letter and send off today
