We have a mortgage in joint names. Debt of £70,000 unsecured in my name only. I am thinking of doing an iva. Can they force you to remortgage after 5 years if your partner refuses as he is not responsible for the debt?
It depends on the terms of your IVA. Previously standard IVAs stated that you had to remortgage at the end of the IVA if you had more than £5k of equity and if you couldn't remortgage (which I understand is nearly always the case) then your IVA would be extended for a further 12 months.
Newer terms are also suggesting that a secured loan should be taken out to secure the equity but again I understand there may be difficulty with this when the time comes.
If you were remortgaging for your own debts (and managed to be able to do it) then that element of the debt should only relate to you and not your partner.
Your chosen IP should be able to explain all of this to you in detail.
Some people make a F&F offer towards the end of their IVA to do a deal and avoid the equity saga.
