I have a IVA and pay £100 per month. My debt level was £13.000. I have paid my iva for 16 month. Also I have had a ppi refund of £6500.00. I have recently split from my husband and our home is up for sale. My husband and I will get approximately £20.000 each. I have told the company about this, and the lady I deal with said they will take the first £13.000 out of my equity. How am I supposed to get myself a new home and furnish it. I wish I had never entered into a IVA. I'm out of my mind with worry.
I assume your husband was not part of the IVA so only your equity will be used to clear the IVA. The figures sound about right but speak to your IP and see if they will prepare a variation allowing you to retain funds for moving. Creditors are normally sympathetic and they amy allow you to keep a bit more than £6,500. You should also check your proposal to see if you are allowed to retain 15% equity as this is also possible. Your IP will be able to help.
