After some advice. Just separated with my husband who has an iva. We've sold a house we own (rent out) with around 15k profit.
I want to lower a lot of debts in my name, have enough money for us to have deposits to rent our own houses. We have 3 kids so this is a must.
The iva company say they want 50% of profit no matter what. This would leave me with not enough to be able to move forward financially as I'm having to give up work. 2 of our children have special needs.
Can the iva company do this? Can me and my ex get a legally binding agreement on how much settlement I get and the iva have to adhere?
You need to speak to a solicitor as a judge may award more than 50% in any settlement. Your IP has to work on a presumption of joint ownership and equal equity share. Your husband could put forward a variation asking creditors to give you a higher share and avoid the costs of litigation which may be a fair compromise.
