Well the creditors want my wife to sign a rx1 form but agents not happy about it which is quite right as it is nothing to do with her (my debts ) . We have no equity in house anyway so if we moved it would be a 100% mortgage which my wife could not get in her name. My ip has one back to the creditors asking for the restriction to be removed and maybe extending the iva for another year . Any divorce would be appreciated and is this normal
It is normal for the RX1 to be signed and has to be signed by both parties. Although she is not in the IVA your share of any equity is. And,m although there might not be any at the moment, there could well be in 5 years time, when it gets looked at.
If the IVA gets extended make doubly certain (in writing) that the house is definitely excluded -- otherwise they might try to take a second bite of the cherry later on.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
So to clarify I am not on the mortgage and my wife owns the property in her sole name. I moved in and pay half the bills . Can she be forced into this by the ip remortgage I mean?
Ah -- that puts a different light on it ---- if the mortgage is in her sole name and you have no equitable interest (which the creditors might claim, but is nigh on impossible to prove in these circumstances) then there is no property of yours to be included in the arrangement in the first place, therefore no restriction needed, and, I would argue, no extension needed either.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks foggy that does help a lot. Thinking about it te creditors were tryig to pull a fast one thinking I would just sign and they would get more money. Crafty people. I will hold out on this one
Hi Cornish
From reading your posts and the latest information you have supplied, you are in the cat seat here with your creditors it is your proposal, your IVA, having no assets you could have chosen to be debt free in twelve months with bankruptcy, the benefit of the IVA is more to them than to your good self so dont let anyone bully you into signing for something you are not happy with, I would certainly not accept six years.
Thanks major. I have just rung dfd and they are waiting for the creditors to get back to them and it could take up to 2 weeks!!!!!!!!! Off sick with depression due to debts and this is not going to help dfd staffhave been so good and I said if this gets refused then bankruptcy is the only choice they did say the rx1 form is not unusual and in my iva it does state that the house (my wife's) is not included as an asset. Scaremongery from them I think.
I do not see how the creditors can introduce a modification that you must agree to which involves a third party! Effectively the third party must agree to introduce their equity into your IVA otherwise the IVA is rejected. I am sure DFD will be able to get this turned around.
Well the creditors have rejected the move of lifting the restriction and extending the iva. I have only one choice now to increase my payments and see if they accept . I have asked dfd to increase from 167 pm to 200pm. Let's see what they say now. I knew it was going to be hard but to bring my wife into this is not fair
That is a shame, Cornish -- but I would not be tempted to increase payments. Starting off in a tight spot is a recipe for disaster and the IVA could run into serious trouble after you have paid a good chunk in and all will be for nothing.
In your shoes I would have a word with a couple of IP's from other firms to see what they say --- I do not understand why the house was ever mentioned to your creditors by DFD in the first place !!!
Last edited by Foggy on Fri Jul 11, 2014 5:44 pm, edited 1 time in total.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Had you been a client of mine Cornish99, I would firstly be advising you to tell creditors to take a running jump with regard to the restriction over a property you do not own. And secondly I would also be resisting an increase in payments, as I would have worked hard to ensure that you were offering the best level of payment in the proposal itself.
It should not take two weeks to get this sorted at all - a couple of quick phone calls usually does the trick in my experience. It is a shame that you are in limbo - but having chosen the firm you have selected, you can only now put your trust in them to see you over the line.
dfd staffhave been so good and I said if this gets refused then bankruptcy is the only choice 
