www.iva.co.uk

Greetings.
I have made my final IVA payment in January 14, since this time I have been forced by my ex wife to sell the property through enforcing a consent order made through divorce proceedings. The property has sold with about 15k remaining equity after fees etc.
This has to be split 50/50 as per the consent order made by the courts.
The property has a restriction on it which has been requested to be removed by the conveyancing solicitor. My IVA firm (Creditfix) are willing to submit the release form on the condition that all of the equity gets released to them. I know my ex wife will not approve of this and expect she will get her half and cause a fuss. I'm really in limbo as I have a new family to look after and was depending on some form of capital to assist me with rent of another property. My early enquiries tell me that landlords are looking at deposit and 6months rent up front due to damaged credit history and risks.
Can they be completely unreasonable and keep all of the equity? Am I looking at being homeless as without this I have nothing and nowhere to go. I'm going out of my mind and have a lot of responsibility in my profession and personal circumstances as I am the only one that works (child care too much). Please can you give me some clarity?

I appreciate your time,
Jason

Sorry, I don't know how this question was titled as it is????? [:I]
Title changed to reflect post ! Admin

Surely the IVA firm would only be entitled to your share of the equity (£7.5k), are you sure they aren't asking for all of your share and not all of the equity ?

Martin

Thanks Martin.
I'm not 100% that they are aware of the consent order at this stage. My concern is that I have a family to care for and no money or other property to move too.

It would be worth finding out what the minimum deposit you'll need (not what you the landlord would like in an ideal world)

You then need to chat with your IP and try to secure this, as the return to creditors will be somewhat lower if you end upon the streets (an extreme example , but you get my drift)

Martin

Hi -- irrespective of the consent order, if the property was jointly owned you were only entitled to half of the equity. You really need to look at your paperwork to see what it says about equity.

The property was actually excluded from the IVA in its last year and I was told not three weeks ago that my closures team would not be looking at the property anymore. (So it was sold as described above). 6 1/2yrs of constant changes in the goalposts, I've done nothing but do what was required of me to make it successful.

If the property was excluded the restriction should have been lifted at that time.

The only thing I can suggest is that you make a formal complaint to your IP through the company complaint procedure ( they are obliged to tell you what this is). If this fails then you can escalate the complaint to their regulators.

Thx Foggy.

Your IP can have no call over your ex-wife's share of the equity - and I am curious as to why they feel they do.