Hi, I have had an IVA since December 2007, which I have always kept up to date. In year 4 i have an equity clause where I have to remortgage on my jointly owned property with my husband. The problem is that we are about to separate and he is being as difficult as possible, so I think I will be the one that moves out with my two kids to rented accomadation. I will no longer be paying the mortgage, as I will be paying rent, and my question is what will happen with the equity clause, as I still want to pay my monthly payment until my IVA is finished, its just the property that will be the issue. Please help ! The property will probably end up getting repossesed.
If there is equity in the property you should try and sell it rather than let it be repossessed. If there is no equity the equity modification is irrelevant anyway. Be careful about a repossession as this could lead to a shortfall so speak to your IP for some advice.
Hi debbi, I would talk directly with your IP about this, I assume it's only yourself within the IVA? If the property is repossessed would there be any monies owing to the mortgage company or would there be equity as you would be entitled to your share of the equity? x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi, there is very little or no equity in the house with the current market. The releationship is abusive, and i need to prioritise my 2 children, so if fleeing is the only option, then i may have to take this. I would still be able to pay my monthly payments into the iva, its just the house and the equity release that is worrying me. I have spoke to payplan this morning, who have asked for a redemption figure from the mortgage lender, and have asked me to get 2 valuations of the property to proof there is no equity, but my husband doesn't know that i am planning to leave, so to do all this would be really difficult. I am planning to take the kids and go, as I want out,
Oh hun, what a horrid situation to be in and how incredibly brave of you to be taking that step to get away from him. Obviously your children come first. is there a way you could take time off work without him realising and get the quotes done then. When we had ours done in October they came at a time to suit us and was only here for about an hour. he gave us a quote in handwriting there and then and then sent it typed (after asking if this was what we wanted) Our mortgage is in joint names but they were quite happy to deal with just me on the phone and sent the letter quite quickly. Is there an address you could ask them to send it to thats not the house.
I really hope you get it sorted soon as this is obviously a very urgent situation.
Any shortfall would be captured by the IVA but would obviously impact on the dividend. Creditors can be sympathetic to variations but there is a danger that your IVA would be extended to make up for the drop in dividend.
Oh Hun - I hope you can make all your arrangements quickly and get out of there. I'm sure if you explain all to your ip he/she will be totally supportive. Leaky's suggestions should ensure your husband doesn't find out, and perhaps a friend could come over for the valuation for some moral support. You're very brave and I wish you all the best
