Me and my partner both has IVA's accepted in March 2006. Mine was a lump sum IVA £11800 and my partner's was to pay a lump sum of £11800 plus £100 a month over 5 years. The two lump sums where obtained through equity release.
Unfortunately me and partner have now split due her reluctance to abide by the IVA amongst other things. We are still on good terms and my ex partner has stated that she is prepared to sign her half of the property over to myself in exchange for a few items of furniture. Their is no equity held in the property now due to falling houses.
Does anyone know how she would stand with her IVA? Would her IP still expect her to receive a pay off from myself or would the equity transfer be acceptable considering she had £11800 from the property in March 2006.
If there is no longer any equity in the property then your partner's IP could not expect you to give her any settlement on the property. The items of furniture that your partner is taking can be considered good consideration for the exchange.
Is your partner still able to pay the £100 per month to the IVA in view of her new circumstances. If she is not then her IP will need to call a meeting of creditors in order to vary the terms.
In any case your partner should contact her IP and explain her new circumstances.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
