A couple of IVA issues

longtermplanner

Davey56789 wrote: »

1, What affect will me getting a credit card have on the IVA, baring in mind I have never been aware of the T’s and C’s of the IVA ? (Yes I know their argument would be that I SHOULD know the T’s and C’s)

yes you should have known the T&Cs. Are you 100% sure you are a party to this IVA, or is it actually your ex's IVA where you had to declare your income etc and made a sensible agreement with your then partner to pay half? Do you actually remember signing the IVA?

I'm going to assume you did sign, but it's worth looking into.

But in any circumstances, you might get your knuckles rapped but your IP is not going to want to go through the expense of making you bankrupt especially as it appears you have kept to the IVA terms.

2, What checks are done at the end of an IVA?

not sure what you have in mind here. The IP certainly isnt going to hunt around for reasons to fail an IVA that has got to the end.

3, Would it be best to get my wife to pay the remainder of the card off ASAP and hope for the best?

If she can afford to do this, then paying off a credit card is usually a good move as it reduces the interest you pay But I wouldnt let your worries about your IVA affect this.

4, Is it best to proceed with my current mortgage application and what affect will this have on the IVA if we do?

the problem with proceeding with the mortgage application is nothing to do with the IVA. It is that it seems from what you have said to be a precondition that your name is removed from the other mortgage. That is what you have to find out.

5, Based on what is happening at the moment with the equity release and meeting of the creditors, can anyone advise what outcome the IVAwill have? Will it be extended or will they ask for anything as a lump sum?

I think you need to talk to the IP about this. It isn't clear to me that you are actually party to an IVA at all. Nor that you have the full facts about what has happenend to it if you are a party. It is pretty pointless us coming up with hypothetical cases here. get some facts and come back here if you are still unsure.

If you are party and your name is still on that mortgage then you have to know. You can't gain anything by trying to avoid talking to the IP.

UpToMyNeckInIt

I see the old 'is a gift a windfall' question causing some confusion again.

All settled quite nicely here:

http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=53840

...If an IP of the standing of the one in the aforementioned link, takes the view that a cash 'gift' is just that, and NOT a 'windfall' - that is good enough for me.

...But do check your own exact t's & c's to be sure.

milliemonster

A couple of other points, you will not have to extend if you have no equity, your ip will call a meeting with your creditors to end the iva and change the terms in line with the 2008 protocol.

Secondly, you will not be able to get your name off your old mortgage, the only way you will be able to remove your liability here is for your ex to take out a new mortgage entirely in her own name and thus paying off the one she has with you. She will only be able to get a mortgage in her own name if she is earning enough to borrow the amount of the mortgage in her own name