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LincolnPaul
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

Foggy
Moderator

Foggy

IVA completed.

United Kingdom
12969 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/
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Rosepetal
IVA Artisan

Rosepetal

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!
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luluj
Moderator

luluj

United Kingdom
7704 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"
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