My IVA is in my name as are all the debts in it ,but our house is joint owned.The RX1 form has just been sent and I don't think was properly explained at the start.My wife will not sign it and totally refuses to and to be honest I don't blame her ,it's not her IVA.What happens now?
This form should have been agreed with your wife and signed in advance of the IVA being proposed. Your wife should have been written to by your IP, and she should have been invited to take legal advice. If none of this happened, or was explained to her, no wonder she is now digging her heels in.
I suggest that your IP has a word with her, to explain the implications of not agreeing to the equity release provisions, but if she does not then agree you will have a failed IVA on your hands I am afraid.
Hi derek, I am in a similar position my ex wife is reluctant to sign rx1 form, I am in negative equity and in my final year of iva. The IP is threatening to fail my iva because of rx1, I wondered how your situation was resolved because I am worried sick
If you can prove that you are in negative equity, it is possible that the IP can propose a variation excluding the property, as there will be no benefit to the creditors keeping it in, therefore no benefit lost by excluding it. The creditors might counter by agreeing on condition that the IVA is extended by 12 months ( but I wouldn't offer that to them on a plate). At the end of the day a lot will depend on how helpful your IP is willing to be.
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