www.iva.co.uk

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.

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.

Your IP could put a variation forward for you to retain sufficient money to rehouse yourselves. This would be the most sensible way forward.

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!

She doesn't say if the partner is in an IVA as well, or has their name on the mortgage.

I know but if only one of them is in an IVA and the property interest has to be known?

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.