My ex is entering into an IVA ...continued

Get expert opinion. This is the place for new questions to be posted.
6 posts Page 1 of 1

michelle885

User avatar
Posts: 2
Joined: Fri Jul 24, 2020 4:32 am

Post by michelle885 » Fri Jul 24, 2020 4:32 am
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

User avatar
Posts: 3163
Joined: Thu Feb 05, 2015 2:26 pm
Location: United Kingdom

Post by lifenoteasy » Fri Jul 24, 2020 6:36 am
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.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.

kallis3

User avatar
Forum Expert
Posts: 75795
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Fri Jul 24, 2020 9:19 am
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.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

User avatar
Forum Expert
Posts: 31000
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Fri Jul 24, 2020 9:42 am
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.
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

michelle885

User avatar
Posts: 2
Joined: Fri Jul 24, 2020 4:32 am

Post by michelle885 » Fri Jul 24, 2020 12:01 pm
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

User avatar
Forum Expert
Posts: 75795
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Fri Jul 24, 2020 12:11 pm
I have merged the topics to avoid any confusion. Hope that is ok.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
6 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”