Break up with partner (not married) selling home

[heartsink89]

Hello,

I need guidance urgently. Me and my partner (not married) have split up and so need to sell the house. I am in a iva she is not. Can anyone advise as what would happen to my half of the money from the sale as I feel I’m being badly advised by my Iva company, I can get into specifics if need but for now just curious as to what should happen to my half

Thanks

[Breezy]

Assuming that you both currently own the house, as a couple, as 'joint tenants', then her half of the equity will be hers to do with as she pleases and your half will be captured by your IVA for payment to your creditors. This is subject to any court rulings there might be for disposal of joint assets, should you go to court. You should be able to negotiate with your IP to be allowed to retain sufficient to secure new accommodation.

The ceiling for the amount they can take will be the remaining balance of the original debt plus fees.

As things are never 'black and white' and you feel that you are being unfairly treated, a chat with your local CAB might be a starting point.

[heartsink89]

Assuming that you both currently own the house, as a couple, as 'joint tenants', then her half of the equity will be hers to do with as she pleases and your half will be captured by your IVA for payment to your creditors. This is subject to any court rulings there might be for disposal of joint assets, should you go to court. You should be able to negotiate with your IP to be allowed to retain sufficient to secure new accommodation.

The ceiling for the amount they can take will be the remaining balance of the original debt plus fees.

As things are never 'black and white' and you feel that you are being unfairly treated, a chat with your local CAB might be a starting point.

Thank you for your swift reply, in regards to the ceiling for the amount they can take what would you determine to be the fees? The fees for the iva that were stated at the start of the arrangement? In my case I added my total debt and their fees and subtracted what I have paid so far (over three years of payments) the fee they have sent to my solicitors they have added a additional four grand onto that and saying it is correct without any explanation. This will leave me with nothing and no way to sort out myself new accommodation. I’ve raised the question and yet had no reply

[Breezy]

Fee structures do vary, but will be as set out in your IVA. Most commonly they are a set fee for setting up the arrangement (Nominees fees), a percentage of the realisations - typically 15 to 20% for running the arrangement (Supervisors fees) and then disbursements, which covers 'out of pocket expenses' -- Some firms can be very inventive over these and, I suspect, over use this category to boost income. There have been cases in the past where firms have been taken to court regarding 3rd party 'fees' paid to linked companies.

They cannot refuse to explain the basis of their bill and I would suggest lodging a formal complaint which you can then escalate to their regulatory body, via the government gateway, if needs be. https://www.gov.uk/complain-about-insol ... actitioner

[Breezy]

I would add that their fees would be higher than originally envisaged as the fees set out in the proposal would be based on realisations being based on regular, expected, IVA payments and now you are paying in more than expected at the outset.