Lose House & Equity?

Sparky1986

Hi there,

I'm a few months into my 6 year IVA.

100% of my debts were UNSECURED - however have just received an RX1 Form which they've asked me to sign.

My mortgage is split between me and my partner however I have a "limited equity share" meaning that at the moment I only have about £1.5k equity.

My debts were at £46k - all unsecured.

My question is:

Should my IVA fail - what would happen to the house?

My understanding is that because it's my partner who has pretty much all of the equity (because she was the one who put a hefty deposit down) none of my creditors can touch the vast proportion of the equity because it was purely my debt and not hers:

So....

1) because the debt was unsecured in the 1st place

and

2) because i have pretty much no equity share

Does anyone know or have an idea as to how this would pan out if my IVA fails?

(no plans on not paying by the way - happy to give back as much as I can)

Thank you in advance.

Sparky1986

Does anyone have any clues??? Thanks :S

Anondebtadvisor

Why would your IVA fail this far into the six years?

I am suprised that you have only now received an RX1 form as this should have been signed and returned to the land registry at the beginning of your IVA? Which firm are you with?

Why are you doing a six year IVA? Is it an extra year in lieu of your share of the equity?

An RX1 form places a restriction over the property so if you sell the IVA company will be informed. It does not secure the debts against your property.