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Posted by relhuk : November 19th, 2007

IVA and the EX

Hi Im in debt big-time.about 20k and unemployed!!...aaarrghhh!! I split up with my long term partner of 4 years.prior to this I had, and still have my name on the mortgage. She is currently trying to remove my name if this is possible? I hope so! However, Im seriously thinking of going down the IVA route. The problem is this - do the creditors or the people who decide to accept the IVA not view half the equity of the house as mine so to speak and therefore will this affect my Ex and Her mortgage? I know this is the case in bankruptcy. I wont attempt an IVA until I know for certain as its not her fault that im in debt.
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ok thanks for that. Ive

ok thanks for that. Ive recently received notice from my ex that she's sorting a mortgage for herself and that I will need to sign some papers through her solicitor to remove me from the mortgage etc. So with this in mind, if I went down the IVA route, Her house/mortgage will be unaffected?
Posted by: relhuk

This all depends, will she

This all depends, will she be giving you something from the remortgage re equity you would be entitled to? The reason I'm asking is because if your creditors see that you had an 'asset' but in effect gave that asset up it may stop them agreeing to an IVA.
    What you may need to do is get the papers signed and sealed through the courts so that it is final. Although a solicitor can draw up papers it is the court who has the final say and what you may think is protected by the papers the solicitor has drawn, the courts can over rule those docs and rule you still have a share of the equity.
Posted by: debt answers

Iva and the ex

Hello, Based on your situation I would recommend that you get some legal advice off a solicitor. The reason being you need something drawn up legally to show that you don't have any rights to the equity in the property. What I will suggest is that you get this done sooner rather than later due to the fact that your creditors are able to apply to the courts for a charging order whilst your name is still on the mortgage as, in a court of law, you would be entitled to a percentage of the properties equity. I hope this helps
Posted by: debt answers