Would an IVA make me use equity even though my partner is not in the agreement ?

[Beryl.01]

I have equity in a home with my partner, but my debts are entirely mine and nothing to do with my partner. Would an IVA make me use the equity in the house even though my partner is not in agreement

[Foggy]

They would expect you to attempt to realise a percentage of your share of the equity, as this is an asset of yours.

[lifenoteasy]

First of all an iva would create a situation where you are constrained in what you can do whilst your partner may not be.

You also have to be careful to choose a firm that does not take whole of household income into account.

The equity situation should be discussed at the early stages with it made clear that your partner would not agree to equity release.

[Lisa Thomas]

Hi Usually you get to keep your home in an IVA, depending on the proposals. Your partners equitable interest should not form part of the IVA.

However if the IVA was rejected or failed then you and your partner could be at risk of losing your home (eg if Bankruptcy were to happen)

Your chosen IP should be able to explain all this in detail so you understand how it all works.

[Lisa Thomas]

As an added thought is your partner in a position to buy out your interest in the property? You could use the funds to settle your creditors...