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IVA - Can anyone answer my question?
smiles4u
Posts: 6 Forumite
I have been doing an IVA for 2 years in July. The only reason I was able to get an IVA is because I am in full time employment and I'm living with my partner so can show joint income and expenditure.
One of the the rules of an IVA is that you are not able to apply for any credit. This is fine but my partner is stating that he would like to get a mortgage after August. Does anyone know where I stand with this?
Obviousley I cant put my name on the mortgage until my IVA is complete but what happens when i have my review in July. Will they get funny if my partner is getting a mortgage? Do they question your partners money or just your input? Has anyone been through this scenario before?
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Comments
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Hi Smiles4u
If you are on an IVA and your partner is not it would be ok for him to apply for a mortgage as he is under no restrictions like yourself. What you have to be aware of is if its going to change your circumstances. Such as contributions to increased household costs reducing your surplus available to your IVA, and if you will gain any beneficial interest from the property while contributing to household costs. This in turn may provide you with beneficial interest in the property which may be asked to be released to the creditors.
Realistically you should contact your IVA provider to see what they say on your situation.
Hope this helps
CCCS_AlanI am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.
CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.0
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