My ex has just given me a RX1 to sign

Get expert opinion. This is the place for new questions to be posted.
6 posts Page 1 of 1
User avatar
sarah864
Posts: 1
by sarah864 » Thu Jun 15, 2017 11:11 pm
My ex has just given me a RX1 form to sign. We are no longer together but he is still named on the mortgage. I just want to know what this means for me? I'm not part of the Iva. Nothing to do with me. I live in the home and he doesn't. I'm just a bit scared I could end up loosing my half of the house for debts he has got after we split. Thanks
User avatar
luluj
Forum Expert
Posts: 9843
Contact
by luluj » Fri Jun 16, 2017 6:41 am
Its a restriction placed on your property stopping you from selling it whilst the iva is in place. If there is equity in the house then your partner maybe asked to release some (his share only) towards the end of the iva - if this is not possible then an 12 month extension to the iva maybe imposed.
User avatar
Foggy
Forum Expert
Posts: 23890
Contact
by Foggy » Fri Jun 16, 2017 7:04 am
Unfortunately it has to be signed otherwise, if his IVA isn't accepted and runs to its conclusion, his creditors could take action to collect, including bankruptcy, which would put the house at risk. In any event, your half of the proceeds should be safe.
User avatar
Michael Peoples
Industry Expert
Posts: 15188
Contact
by Michael Peoples » Fri Jun 16, 2017 11:05 am
You should consider independent legal advice and the CAB may be a good place to start. If you do not sign the RX1 it should not fail his IVA if the proposal is written correctly but be careful that signing it does not commit you to remortgaging.
User avatar
Lisa Thomas
Industry Expert
Posts: 5996
Contact
by Lisa Thomas » Fri Jun 16, 2017 11:07 am
It may also be time to see if you can take him off the mortgage/purchase his interest.
User avatar
Ryan
Industry Expert
Posts: 655
Contact
by Ryan » Fri Jun 16, 2017 11:23 am
Both Michael and Lisa make very good points, both are worth considering.

Regards
6 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 21 guests