Author Topic: NO ONE CAN ANSWER THIS .....YET I HOPE SOMEONE HERE CAN  (Read 3232 times)

ituzaingo123

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NO ONE CAN ANSWER THIS .....YET I HOPE SOMEONE HERE CAN
« on: Mar 08, 2012, 10:48:36 AM »
I AM IN DEBT . I REALLY WANT TO DO AN IVA . HOWEVER , , , I LIVE WITH MY WIFE IT IS HER HOME I AM ONLY ON THE BILLS WE RECEIVE<UTILITY,VIRGIN MEDIA ,WATER ,TV LICENCE>THE HOUSE IS 100 PER CENT HERS .
I AM HEARING 6 MONTHS BEFORE END OF IVA EQUITY CAN BE RELEASED .
THIS IS PREVENTING ME FROM DOING AN IVA .
I DONT WANT HER TO KNOW ABOUT MY DEBTS NEVER MIND EQUITY BEING RELEASED FROM HER HOUSE .
CAN I PUT SOMETHING IN WRITING? ,A LEGALLY BINDING DOCUMENT STATING I DO NOT WANT ANY EQUITY IN HER HOUSE <WHICH I DO NOT>WHICH WOULD LEGALLY PREVENT THE IVA PEOPLE FROM CLAIMING WHAT IS HER EQUITY?
PLEASE HELP SOMEONE................

Simon Wyllie

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Re: NO ONE CAN ANSWER THIS .....YET I HOPE SOMEONE HERE CAN
« Reply #1 on: Mar 08, 2012, 11:09:35 AM »
Hi ituzaingo123.
I think I can answer your question!
I'm assuming that your house has always been owned by your wife alone? If you have transfered ownership of all or part of the home to her please tell us as the answer may be different.
If you aren't the owner of the house you cannot be expected to remortgage it as part of an IVA. The purpose of remortgaging (or trying to at least) is to release the value of an asset that you own. You're telling us that this isn't your asset, so there would be no equity for you to release. 
Just be ready to demonstrate to whichever insolvency practitioner you select that you have no ownership of the home.

ituzaingo123

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Re: NO ONE CAN ANSWER THIS .....YET I HOPE SOMEONE HERE CAN
« Reply #2 on: Mar 08, 2012, 12:19:58 PM »
Hi simon thanks for your reply , it has been hers since 2007 ,i moved in at same time , ,again my name is only on bills  ,its her house lock stock and barrel but im hearing i may be deemed as having beneficial interest because i have contributed in form of bills and i pay her X amount toward her mortrgage every month .
would iva people want to see her wage slips etc?could i keep this from her?

ituzaingo123

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Re: NO ONE CAN ANSWER THIS .....YET I HOPE SOMEONE HERE CAN
« Reply #3 on: Mar 08, 2012, 12:22:06 PM »
also would an iva practitioner put it in writing that my wifes home would be safe if  i obviously provided relevant documents proving that to be the case?

Simon Wyllie

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Re: NO ONE CAN ANSWER THIS .....YET I HOPE SOMEONE HERE CAN
« Reply #4 on: Mar 09, 2012, 11:16:50 AM »
Hi ituzaingo123.
In terms of your first question nobody can force you/your wife to produce her wage slips if you choose to start an IVA.
It's a subject to discuss with an insolvency practitioner that you are considering using first though, because your IVA contribution will be based party on an assessment of the full household income and expenditure. That's done to ensure that you aren't paying too little or too much of a share of the household bills.
You'll need to ask an IP whether they will require income confirmation from your wife.
I'd also suggest that you consider being open with your wife about the situation. It's a matter for you of course, but most people find out that their partner or spouse is in fact very supportive once they've got over the initial shock.

Simon Wyllie

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Re: NO ONE CAN ANSWER THIS .....YET I HOPE SOMEONE HERE CAN
« Reply #5 on: Mar 09, 2012, 11:18:36 AM »
In terms of your second question I think it would be sensible to ensure that any insolvency practitioner you are considering using agrees with your analysis of who owns the home before you proceed.
There is no reason why the IP would not confirm the position in writing, and if they will not you have the option to speak with another IP instead.
 

ituzaingo123

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Re: NO ONE CAN ANSWER THIS .....YET I HOPE SOMEONE HERE CAN
« Reply #6 on: Mar 10, 2012, 07:46:05 AM »
so before an iva is initiated ,if it is not included in paperwork/agreement that my supposed beneficial interest is an integral part of the iva the creditors cannot at the 54 month stage suddenly change the rules?
in other words what i agree and sign to at the very beginning they are the rules and the legal parameter within which the iva is to be carried out yes?

James Falla

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Re: NO ONE CAN ANSWER THIS .....YET I HOPE SOMEONE HERE CAN
« Reply #7 on: Mar 29, 2012, 05:54:05 PM »
Hello ituzaingo123
 
I think the advice Simon has already given in regards to the equity in your house is pretty much spot on. If your wife bought the house using her money for the deposit and she has maintained the mortgage payments since then and you have not paid for any material improvements then I believe that you will be able to successfully claim that you have no beneficial interest in the property. This will be agreed up front in your IVA. Given that it is clearly stated and agreed that you have no interest, then your creditors cannot demand that the issue is re-visited in the final year of the IVA.
 
In terms of having to provide proof of your wife's income this is more of a sticky area. As Simon has said, the issue is that the insolvency practitioner has to prove that you are paying your fair share of the household bills. The way this is calculated is based on your proportion of the household income. ie if you earn 50% of the total income, you should pay 50% of the bills etc etc. You IP can only verify this if they can see copies of your wife's wage slips. As such, I would say that an IP will probably not want to proceed with an IVA unless you can provide these.
 
If this is absolutely impossible, the other way round the problem may be to split your incomes and expenditures totally. You pay for your bills (perhaps paying a set amount to your wife each month like a rent) and she pays for hers. I would be happy to chat this option through with you. 
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