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IVA and equity and other IVA questions
i have approx 35000 of unsecured debt all in my name.
i have a joint mortgage with my partner, we paid 140000 for the house in 2006, she paid the deposit of 40000. outstanding mortgage is 90000.
i can meet the current debt repayment but cant see a day when the debts will be cleared. and struggle to pay bills such as my income tax bill. i am self employed.
would creditors count the deposit paid by my partner as part of my equity. she paid this with the proceeds from the sale of her house.
what would a practitioner charge to set-up and administer the iva.
what percentage of the debt would be written off so to speak.
about £10000 of the debt is on a 25%pa credit card. which i am clearing at £150per month plus the interst charges.
i have a joint mortgage with my partner, we paid 140000 for the house in 2006, she paid the deposit of 40000. outstanding mortgage is 90000.
i can meet the current debt repayment but cant see a day when the debts will be cleared. and struggle to pay bills such as my income tax bill. i am self employed.
would creditors count the deposit paid by my partner as part of my equity. she paid this with the proceeds from the sale of her house.
what would a practitioner charge to set-up and administer the iva.
what percentage of the debt would be written off so to speak.
about £10000 of the debt is on a 25%pa credit card. which i am clearing at £150per month plus the interst charges.
Official
Response
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Bryan,
Many thanks for your enquiry.
If you can provide documentation confirming that your wife paid the £40,000 deposit on the property, this would be taken into account when calculating your share of the equitable interest in your property which would have to be made available to your creditors. Your wife’s equity would remain untouched, although she would have to consent to the re-mortgage of the property and sign an RX1 form which would place a restriction on your property for the duration of the IVA.
By proposing an IVA, we would look at all your necessary living costs, including your tax and national insurance liabilities with you being self employed.
Some Insolvency Practitioners will charge an upfront payment to set up and administer an IVA, here at ClearDebt we do not charge any upfront fees, our fees known as the Nominee and Supervisors fees are payable upon your IVA being accepted and will be taken pro-rata from your monthly contributions – there are no hidden fees!
With regards to the percentage of debt that is written off, this differs for every client that enters into an IVA due to the payments being worked out on what you can afford to pay.
I would recommend that you visit our website for further information regarding an IVA and other debt resolutions.
In the meantime if I can be of any further information, please do not hesitate to contact me.
Regards
Cheryl
EMPLOYEE
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Hi Bryan,
Thanks for your question, we will get back to you today with some answers.Comment -
-
Bryan,
Many thanks for your enquiry.
If you can provide documentation confirming that your wife paid the £40,000 deposit on the property, this would be taken into account when calculating your share of the equitable interest in your property which would have to be made available to your creditors. Your wife’s equity would remain untouched, although she would have to consent to the re-mortgage of the property and sign an RX1 form which would place a restriction on your property for the duration of the IVA.
By proposing an IVA, we would look at all your necessary living costs, including your tax and national insurance liabilities with you being self employed.
Some Insolvency Practitioners will charge an upfront payment to set up and administer an IVA, here at ClearDebt we do not charge any upfront fees, our fees known as the Nominee and Supervisors fees are payable upon your IVA being accepted and will be taken pro-rata from your monthly contributions – there are no hidden fees!
With regards to the percentage of debt that is written off, this differs for every client that enters into an IVA due to the payments being worked out on what you can afford to pay.
I would recommend that you visit our website for further information regarding an IVA and other debt resolutions.
In the meantime if I can be of any further information, please do not hesitate to contact me.
Regards
Cheryl -
EMPLOYEE
