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scott637

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Post by scott637 » Fri Jul 10, 2020 8:37 pm
I’m looking at getting an Iva, my Iva provider says I have no equitable rights as it’s my wife’s house (been 1 year married). Further on in the paragraph it says i May have to remortgage if there is interest in the property?
1) how can I remortgage if it’s not my house
2) can they force my wife getting a remortgage
I really don’t understand it and my wife is spitting feathers at me about it

Foggy

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Post by Foggy » Sat Jul 11, 2020 8:40 am
The IVA is individual to you ... YOU do not own any property, therefore the equity release clauses should be removed from the proposal in their entirety.

What they are hoping for is that, in 4 and a half years time, they could then argue an equitable interest, but, the question of equitable interest is not something for an IP or creditors to decide upon. I would resist proceeding on that basis.
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

scott637

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Post by scott637 » Sat Jul 11, 2020 8:52 pm
Thank you foggy, do you mean resist taking out an Iva altogether or ask them to take any property clauses out
Regards
Scott

kallis3

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Post by kallis3 » Sat Jul 11, 2020 9:13 pm
I think he means take out the clause entirely.
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

scott637

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Post by scott637 » Sat Jul 11, 2020 9:24 pm
Thank you kallis3 hopefully they will agree to this or I’m snookered , such a worrying time.

Foggy

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Post by Foggy » Sun Jul 12, 2020 8:03 am
Sat Jul 11, 2020 8:52 pmscott637 wrote:
Thank you foggy, do you mean resist taking out an Iva altogether or ask them to take any property clauses out
Regards
Scott
Take out the property clauses -- if they will not -- find another IP who will.
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
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