IVA Forum

Vincent Bond View all sponsors
Debt Wizard
  • -How much written off?
  • -Find out monthly repayment
  • -Instant Results
  • £
  • £
  • £
  • Yes No
IVA.co.uk Provide Award Winning IVA Support
 All Forums
 New Questions
 New Questions
 Can I have some help please ?

Share this post with your friends

Author Previous Topic Topic Next Topic  

New Member

3 Posts

Posted - 03 February 2012 :  18:53:11  Show Profile  Reply with Quote
Can I have some help please

Between moving out of the marital home and the divorce being finalised my ex wife entered into an IVA. I have only just discovered this fact. I want to sell the house but her solicitor says can't do so because of the IVA. Is this true?

I don't think she told the IP that there was a joint secured loan on the house which I have been paying. If the house is sold does this debt get paid off first with any equity in the house?

I have found out that she is also £3000 in arrears on the mortgage payments. What can I do to stop her further wrecking my credit rating



IVA completed.

United Kingdom
20465 Posts

Posted - 03 February 2012 :  19:02:05  Show Profile  Visit Foggy's Homepage  Reply with Quote
Hi. Because of the IVA there is a restriction on the sale of the house. It can still be sold, but the proceeds will go into the IVA ( at least your wife's share). Although it sounds as though there wouldn't be any equity after the arrears were met and the secured loan settled..

She could get into strife with her IP for not disclosing the joint loan, which might fail her IVA, although you are still responsible for the loan if she doesn't pat in any case, being a joint debt.

If the house is sold, the mortgae has first priority, the secured loan then ranks second. After fees etc the rest will, presumably be divided between you and your wife's share goes into her IVA.

The only way to stop the damage is to remove yourself from the mortgage and secured loan, which wouldn't be easy, unless the house id sold and there is enough from the proceeds to settle these. Any other joint finances should also be severed.

Any opinions I express are merely that .. opinions based on experience. I am no expert but have difficulty in keeping my mouth shut. You have been warned :-)

IVA Completed with funds paid to date 23rd July 2013 .... Completion Certificate 10th January 2014

Visit my blog here : http://foggy.blogs.iva.co.uk/
Go to Top of Page

IVA Artisan


IVA completed.

United Kingdom
1298 Posts

Posted - 03 February 2012 :  19:11:12  Show Profile  Reply with Quote
hi, the best advice for you is to seek proper legal advice.

you must be shocked as well as stressed with everything else. most solicitors will give you the 1st half hr free so think about what you need to ask beforehand,make a list.

good luck.

Nothing stays the same...everything changes..hang on in there!
Go to Top of Page



United Kingdom
9580 Posts

Posted - 03 February 2012 :  19:20:41  Show Profile  Reply with Quote
Welcome to the forum. The advice so far is good and you do need to ensure you take advice that will ensure you maximise your return from the sale of the house.

Unfortunately your wife entering into an IVA does mean the sale of the house is not as straightforward as had hoped.

CAB maybe a good starting point for further advice.

An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
Go to Top of Page
  Previous Topic Topic Next Topic  
Jump To:
Can I have some help please ? - T42780 - The IVA Forum - Indiv.. © IVA.co.uk Go To Top Of Page
This page was generated in 0.17 seconds. Powered By: Snitz Forums 2000 Version 3.4.07
Ask our experts a question, it will be posted on our forum
  • Simply complete form and you will get an answer from our experts
    (multiple replies within an hour *)
  • Your Question:
  • Your First Name:
  • Your Email:
  • Your Mob/Tel:

  • * Any use of this iva forum is conditional on you having read and agreed to our terms and conditions.
    * If you enter your phone number, Vincent Bond and Co Ltd (award winning debt advisors) will give you a courtesy call to ensure that your question has been answered.

    The Question will go to our industry wide panel of experts:
    Melanie Giles Bridgewood Finance Solutions Debt Free Direct Bright Oak
    Mc Cambridge Duffy CCCS Vincent Bond and Co Ltd
  • * The question will be posted on our forum, we will email you the location
  • Do I qualify?
  • How much written off?
  • Monthly payment amount?
  • Total Debt:
  • No of creditors:
  • Income:
  • Expenses:
  • Own home?
    Yes No
  • NOTE:

    An IVA is not for everyone. This calculator will give information on how an IVA could work.

  • Live Help
Jobs Available

- Head of social media
- Flexible hours
- Work from home

More info...

Social Media
Clear my debt

- Talk to an advisor
- Discuss your options
- Make an informed choice

  • Name
  • Email
  • Tel
  • Total Debt
  • Tick this box to confirm you have read our terms and conditions
  • What's the sum of 3 + 9 ?
    (spam protection)
Trustpilot Badge
Chat Now
Live Help
IVA.co.uk Newsletter
Reviews for IVA.co.uk
IVA.co.uk is rated 4.9 on a scale of 5 based on on reviewcentre.com.
Latest review:
So Glad We Did It - by , 19/09/2012
5/ 5stars
I have to admit to being less than keen to investigate the idea of an IVA as we had already gone down the route of a DMP with another company but this hadn't worked out. Hubby pushed for an IVA and started the ball rolling, however once we had started the process i soon realised how beneficial this would be. Adam Davies at Vincent Bond was fantastic, he went through the whole process with us fully and explained everyhing thoroughly. We are now almost 2 years in and haven't looked back.

Important Information:
Iva.co.uk does not provide debt advice. You must always seek professional advice before taking any action to resolve your debts. If you use the IVA Calculator or call the IVA Helpline, we will pass on your details or connect you to one of our partners who will contact you and explain all the options available to you. With your permission they can connect you with authorised debt solution providers who can process an application for you

Iva.co.uk does not charge you any fees for use of our forum or the IVA Calculator, however we do get paid by our sponsors and the partners we work with. Our partners charge fees and those vary depending on the partner and the debt solution. Customers should refer to our partners' websites for more information regarding their services.

Before entering into any debt solution you should ensure that you have considered the implications. Failure to keep up with repayments can result in bankruptcy or legal action. Lenders are not obliged to accept less in settlement of a debt than they are entitled to or to freeze interest or charges. Not all solutions involve debt write off and some solutions may result in the total amount payable increasing, or the period over which it is to be repaid increasing. Debt solutions will affect your credit rating which records all financial activity for 6 years. Your assets and property could be at risk in some solutions. Conditions apply and each application will be subject to acceptance and eligibility.

Terms and conditions