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Posted: Sun May 25, 2008 10:14 pm
by simon.s
Just about to start an IVA due to business failure debts 55K. Sold our house last year when business failed and now rent. Monies in wifes name I was left with 7K from sale house due to investment from me to business, which I have to pass as lump sum to IP. We currently rent our house but have the oportunity to buy next year. We or should i say my partner has 30k deposit and would be able to get morgage to buy on just her wages without me being involved is this aloud? IVA is in my name only. I read somewhere that morgage has to equal rent paying?
Posted: Sun May 25, 2008 10:26 pm
by MelanieGiles
Hi Simon
It would be wise to sort out these plans before you enter into your IVA, as you don't want anything to jeopardise the certainty of that running its course - which an increased mortgage payment in the future might do. If your partner is prepared to weather the storm with regard to future increases, there may be nothing to worry about.
What has your own IP advised in this regard?
Posted: Fri May 30, 2008 8:05 pm
by simon.s
Hello Mellanie.
Sorry for the late reply.
Have sent letter to IP and has written back so have his answer in writing. Providing no funds are to be provided by me and the morgage is in my wifes name only. Then it is not a problem to him. Also the house is not becoming an asset to me.
But what i see is a problem is we currently rent the property and both pay towards the monthly rent so the budget says £600 per month.
Does this mean my wife pays the whole morgage and what i would have given as rent half £300 would then be given to IVA fund as a gain in my finances? Could i overcome this by my wife charging me rent for living in the house?
IVA has been accepted will have to pay 0.37p in the £ so have to pay £360 per month with £7000 up front from me.
Many thanks
Simon.
Posted: Fri May 30, 2008 8:10 pm
by cfnc
Hi Simon,
Melanie has gone on holiday, so may not answer till she is back.
Hopefully another expert will answer your query soon.
Kirsty
Posted: Fri May 30, 2008 8:11 pm
by Adam Davies
Hi Simon
Melanie is on holiday
You would simply have to pay rent to your wife at the same rate as you contributed towards the renting of your property,thus not affecting your IVA payments.
Regards
Posted: Mon Jun 02, 2008 7:04 pm
by simon.s
andydavie wrote:
Hi Simon
Melanie is on holiday
You would simply have to pay rent to your wife at the same rate as you contributed towards the renting of your property,thus not affecting your IVA payments.
Regards