moh794 wrote:HI, yes the property is brothers but mortgaged on my name iva was for 5yrs then they add 1 more year in the agreement its says assets excluded my brothers aquitable interest in the property currently £££££, then why they add into restriction order i did't understand that,
It appears they have excluded your brother's equitable interest, but not yours. If you are also on the title deeds, as I presume you are, you have an equitable interest too, unless you can prove otherwise. A verbal agreement between you and your brother will not suffice. Without sight of your paperwork it is difficult to see what they have actually done here, but you need to discuss this with your provider. Who are you with ?
Your brother selling could be a problem unless you sort this with the IP -- as whatever they deem your share (in the absence of proof to the contrary) will be payable into your IVA.
The 6 years from the start MIGHT have been to exclude the property (in which case there would have been no restriction) or, it might have been simply because the creditors wanted 6 years --- this should have been explained at the time --- and will need to be clarified now --- only your IP will know, unless ( as it should have been) it is in your paperwork and chairman's report.
There will be no remortgage hassle -- IF we are correct in the assumption that the extra year was in lieu of equity (real or imagined). Again, your IP will confirm the position.
Best of luck with the offer.
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