Does an IVA affect my mortgage in any way?

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l.gr

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Post by l.gr » Mon Feb 25, 2008 9:09 am
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I have a joint mortgage with my partner who knows nothing about my debts. Does an IVA affect my mortgage in any way?
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MelanieGiles

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Post by MelanieGiles » Mon Feb 25, 2008 9:34 am
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Hi there and welcome to the forum

So long as you continue to pay the mortgage, your situation is unaffected whilst in an IVA as secured debts are not included. I would recommend that you share your difficulties with your partner if you are living together, as his/her support is bound to be needed at some stage during a fairly rigid repayment period.
Regards, Melanie Giles, Insolvency Practitioner
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Oliver

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Post by Oliver » Mon Feb 25, 2008 9:42 am
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Hello

You will be allocated a provision to continue paying your mortgage (as this is a secured loan) during the IVA so this will not affect your ability to continue paying into it.

I would agree with Melanie that it would be a good idea to discuss your IVA with your Partner as their support could be invaluable and also you may need to release an amount of any equity that you (your Partner's equity will be protected) have in the property to complete your IVA and they would likely need to agree to this as a joint owner.
Best Regards
Oliver
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