I have an IVA and am due to sell my house and split from my partner. If there is any equity in the house would my creditors take this equity immediately or allow me and my ex to split the equity for a deposit in a new home. Without this we would be homeless. Thanks
If the house is yours, then I don't know whether or not you would be allowed to split the equity with your partner.
You need to speak to your IP once a sale is agreed and tell them that you need some of the equity as a deposit.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It depends what it says in your IVA Proposal as to what equity if any has to be paid into your IVA - check the clauses.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I agree Melanie but it depends what was offered (if anything) in the first place and presumably the partner also signed up to same if there was to be equity release!
Last edited by David Mond on Sun Feb 15, 2009 9:06 pm, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
She doesn't say if the partner is in an IVA as well, or has their name on the mortgage.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I know but if only one of them is in an IVA and the property interest has to be known?
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Not really with you on this one David. A variation alters the terms of the original agreement, which is exactly what this poster needs due to her change in circumstances.
Sorry Mel, I want to know what it says in the posters IVA as to what happens to her equitable share of the property - then I would be able to advise what type of variation might be appropriate.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
