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My house is jointly owned and mostgaged with my ex.The mortgage will be paid up in 5 years.How would this affect an IVA?

Hi Phil and welcome to the forum

I assume that you have retained an interest in this property, and if the mortgage will have been redeemed in full in five years time, that half of the value of the property would be yours? How much is the property currently worth, and how much do you owe in total to your creditors?

Welcome to the forum ! What does your IVA terms say about releasing equity during your IVA ? How far in to your IVA are you ?

Hi Phil,

There will usually be an expectation that you release your share of the equity in the final year of the IVA to pay your creditors via the IVA.

If your share of the equity is equal to or more than your total unsecured debts, then the IVA may not be acceptable to your creditors unless you offer them 100p in the £.

Kind regards.

Hi Phil,

I am assuming that you have not actually entered into an IVA but are considering it. Is this assumption correct?

Thanks.