Hello, I am in year three of Iva and trying to obtain early settlement loan from sprout. Jarvis have said they need an evaluation of house for equity release. However, the home is in my husbands name only and the Iva in is my name only. I have explained this to Jarvis who advised that in order to have the property removed from my assets they would need a meeting with creditors who may or may not decide to leave the property on the list as an asset. Please advise. It would be beneficial if the property was taken off and rightly so it is not mine.
Why was the house listed as an asset in the first place ? What Jarvis are relying on is if you have acquired a beneficial interest in the property by way of it being "in the matrimonial pot". Now, determining this is no straightforward matter, which is why it is often left to the courts to decide. There are many, many, things to consider: These include the length of marriage, each person’s age, whether they have any children and their earning capacity. When dealing with the family home, the Court will also consider the intentions that each person has in respect of the property. They will also look at the 'contribution' the partner not on the deeds has made by way of sharing mortgage payments, decoration and maintenance, even 'making the house a home'. This is well beyond the remit and power of Jarvis or your creditors to decide.
It is closing the stable door after the horse has bolted, but this should not have been included in the first place. At best (or worst) in the spirit of compromise the property could have been considered by the simple addition of 12 extra payments in lieu.
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