Hi and welcome. An IVA would be a possibility depending on your circumstances but im afraid, the house equity or your husbands share would probably have to be released at some point for the benefit of his creditors.
Hi
The plus side of an IVA is that you retain control of your property.As Angie has said you may have to release some equity in the final year but this will be down to affordability and market conditions
Regards
Your husband would only be required to look at introducing his share of any equity based upon future lending of a maximum 85% loan to value - and this would also be based on affordability, with your new mortgage payments not costing more than 50% of his current level of IVA contributions. You would also have to agree to this from the outset.
And your husband would only have to contribute 85% of his equity interest in the property and probably in the final year of any IVA arrangement
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.
