www.iva.co.uk

Advice Please:
I am currently in rented accommodation and am planning on moving into a bought house in the next 2 months. The mortgage has been approved and I have a personal debt of £45,000. I need to apply for an IVA as I am also 8 months pregnant and will not be able to pay all parties after the babay is born.
I also need to make sure they cannot touch the house or put any onus on my new partner.
how can I sort this so only I am affected??

Hi
You can't I'm afraid
If you move now before an IVA then you will have to surrender some equity in the fourth year.
If you wait until you have an IVA in place before moving you will have to declare your deposit monies and these will have to be paid into your IVA pot.
If the deposit is coming from your partner then you could consider entering into an IVA before you move but you would have to inform your IP of your intention to take out a mortgage and you would also have to inform your mortgage company that you are insolvent.
Why not move now as it will only be your share of the equity that you will have to release and that will be 85% of the house value less outstanding mortgage.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

hid wrote:

Advice Please:
I am currently in rented accommodation and am planning on moving into a bought house in the next 2 months. The mortgage has been approved and I have a personal debt of £45,000. I need to apply for an IVA as I am also 8 months pregnant and will not be able to pay all parties after the babay is born.
I also need to make sure they cannot touch the house or put any onus on my new partner.
how can I sort this so only I am affected??

I wonder if you have considered the matter of a deposit? Presumably you would have to put one down? How would you be funding that? How much is it? Would the value of your deposit not be better used in paying your creditors?



Tell it like it is.