Hi all. Thanks for all the advice recently. Just need a little more.
I'm 14 months into my IVA. Unfortunately, my wife and I will be going our separate ways and sell the house. All the information from my practitioner so far has been sound. He tells me that the IVA will take 85% of my equity without touching my wifes share. I was very grateful for this news as my wife will be supporting my children also. Now the bad news. My practitioner now says that because we will both be renting, that tje total amount will become my asset and they will get all of it...my wife is in ruins with this news and leaves us in a terrible position. The house is on the market but I may lust lose it rather than sell and pay all to the IVA. In effect, my kids and wife will have nothing. Im beside myself, please help.
You need to ask on what authority the IP has on your wife assets, I presume the IVA is yours, are you sure the IP told you this and not a case worker, even if your wife was to burn her share that is her business it does not belong to the representative of your creditors, the IP to take.
I cannot see how your wife's share can be touched as she is not in the IVA. You should also be allowed funds for relocation and this should come from your share of the equity.
Your wife should consider independent legal advice to ensure her position is protected.
