Please can somebody help me or advise me on whom I need to contact. I split with my partner 10 years ago, he moved out and I have brought our 2 children up in the property that we both have a joint mortgage on. I was aware that my ex partner had taken an IVA in 2011 but expected this to be finished January 2016 after 5 years? I have had an evaluation on the property this week and there seems to be about 35.000/40.000 equity each. I know that my half is 'safe' but am really totally confused on my ex-partners half and where it leaves me? For one I am confused that I thought IVA lasted 5 years and he has informed me that his finishes January 2017, so I can only think that he has defaulted on payment sometime over the 5 years?? I really do not want to loose my house that I have lived in for the past 18 years and raised our 2 children. My daughter who is currently 19 years of age has suffered depression and anxiety for years following her Dad leaving which has really been hard to deal with. I am worried out of my mind now with thinking that if he is entitled to 35,000 equity in the house can IVA force me to sell so that their client (my ex) pays them back this money to cover some of his debt?? I have no idea of what debt he went into IVA with. He has mentioned to my son that once his IVA is finished 'Mum" can buy him out?? Am I right in thinking that If I brought him out then the money that I would be able to offer or the money that would be accepted would go back to IVA and not him??
Please advise me on who I should contact to find out I stand with this as I honestly cannot believe a word of what my ex partner says.
Hope to hear from you soon,
Kind Regards,
Jane
An iva can last 6 years if you cannot release equity at month 54,then the iva will or can be extended for a further 12 months.
Some iva like mine are 6 years long to start with and can be extended to 7 years
Today 1st of December 2016 the vultures finally flew away
It is possible that his IVA has been extended by a year instead of him having to release any equity. Without putting words into his mouth ask him why the IVA hasn't finished as expected. If you are with Northern Rock, for instance, they ask for 6 year IVA's to start with, which can be extended to 7 for equity purposes.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi - In his IVA he will have reached an agreement about how his share of the equity is to be realised - I suspect his IVA has been extended for a years worth of more payments to avoid it being sold etc.
My concern for you is that even if/when his IVA comes to a successful end he will still have 50% share in the property and I suggest you take steps to reach a legal agreement on this if you haven't already done so as it will always be hanging over you.
