www.iva.co.uk

I have been in a IVA for the past 18 months. I also have a joint mortgage with my wife, who is not in the IVA. However my wife's salary was taken into consideration when I first applied for the IVA. We are now looking to sell our home and move to rented accommodation.
My question is, will the whole of the profit from the sale of the property be taken into consideration for payment into my IVA? or can my wife legally claim half of the profit and the 50% of what is left (my half)then be considered for the IVA

It should only be your share of equity that is taken into consideration, i.e 50%

Remember also that the equity should be calculated after costs and moving expenses.

Hi

As Foggy has stated it will just be your share and not your partners that is due to go into your IVA

Regards

Foggy, Andy.
Thank you very much for your advice, it is much appreciated and gives me peace of mind in these uncertain days.
Than you.

You should also retain a percentage of equity in your own name so check your proposal or speak to your IP.

Do you and your wife own the property in equal shares, or would either of you claim to have a larger share for instance if one of you funded the initial deposit solely?

Hi Melanie
It's just a straight forward joint mortgage, neither of us has a larger claim to the equity than the other. It's equal shares.
Thanks