My Ex-partner is selling her house & I have a 22% interest in it as she wasn't able to buy me out when we split up. The covenant states that the money is due only if she doesn't buy within 6 months. As she is intending to rent, I am due @£38k. I did not list this in my assets when my IVA was proposed as she originally had no intention of selling & renting. Does this constitute after aqquired property & do I have to inform my IP of this? If so how much can they take? Can I arrange for this money to be paid to a different person to be held in trust for my daughters education as she will be at university after my IVA has finished.
Your part ownership of the property should have been declared at the outset of the IVA and the omission might be grounds for the IVA to fail.
It does not constitute an after acquired property -- you had an interest already and your share is an asset of the IVA.
You should inform your IP and they will take most of the equity. It is your interest in the property and to arrange for the money to be diverted might see you in court.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Given the amount involved attempting to let it be paid to someone else could result in the iva failing.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
