My ex is entering into an IVA ...continued

[michelle885]

Hi my ex partner is entering into an IVA we jointly own a house which is mortgage free. I have now received an email from Creditfix asking me to give consent to a restriction being put on the property and another to give my consent to mortgage. I believe towards the end of the IVA he can be asked to take out a mortgage to clear the amount outstanding of his debts. Does this mean I will be named on this mortgage? Can he still get an IVA if I don’t give my consent to the mortgage? Any help is much appreciated.

[lifenoteasy]

The fact that they are asking for your consent means that you cannot be forced to sign.

I would advise seeking legal advice if possible, but if not possible, still consider not signing.

[kallis3]

All the restriction means is that the house cannot be sold without permission. The mortgage question may well be irrelevant at the end as not many people are able to remortgage but I personally don't think you could be forced into a remortgage.

[Foggy]

If you refuse consent the IVA might not go ahead, but that might lead to bankruptcy, in which case the house will be at risk.

There are ways which CF could, if they desire, work around the issue .... they could simply ask creditors to accept an extension to the IVA instead ( which would be the likely outcome anyway ) or they could follow the regulatory bodies new Covid-19 guidelines, whicg also offer an 'out' ... have a read here, towards the end of the article: https://debtcamel.co.uk/coronavirus-new-rules-ivas/
They should be following this anyway: The changes are not discretionary.

If you consent, at the end, you will be joined in the new lending as a co-owner, but you could get a solicitor to cover this in an agreement regarding any future equity split when the house is eventually sold when your marital assets are split. Currently, I am told, less than 1% of IVAs actually manage to remortgage or get secured lending at the end and, I imagine, this figure will drop further in the coming post - covid financial mess.

[michelle885]

Following on to my below email
Hi my ex partner is entering into an IVA we jointly own a house which is mortgage free. I have now received an email from Creditfix asking me to give consent to a restriction being put on the property and another to give my consent to mortgage. I believe towards the end of the IVA he can be asked to take out a mortgage to clear the amount outstanding of his debts. Does this mean I will be named on this mortgage? Can he still get an IVA if I don’t give my consent to the mortgage? Any help is much appreciated.

I can’t seem to be able to reply to the experts response to me.

Can my ex still get an IVA without me signing the consent to mortgage. He has no intention to sell the property as I’ve asked if I can buy him out. My worry is I’ll have to enter into a mortgage towards the end of his Iva and I don’t want to. I still want to help him as he said the only way he can sort his debts is by doing the Iva. Ideally I just want him of my case as he is starting to pressurise me into signing. I have no problem with the restriction being added to the title of the property. It’s the mortgage side of things that is worrying me as the house is mortgage free and I don’t want to be tied to my ex for years and years.
Thank you in advance.

[kallis3]

I have merged the topics to avoid any confusion. Hope that is ok.