It really depends who you are with and whether they use or update protocol. We do not use protocol but we incorporate some of the good parts into our proposals but continue to use the R3 Standard Terms and Conditions.
Even so your equity position is quite tight even at the 85% of 'your interest'. Take the value at £170k and subtract the mortgage and secured loan leaves £7,800. If the propoerty is jointly owned then you each have half this meaning all your share is only £3,900 even if you both are in IVAs.
If the value is £175k then the entire equity is £12,800 [£6,400 each] and 85% of this is £5440. I would try and run with the £170k valuation and ask for the IVA to be closed down anyway regardless which calculation is used.
