www.iva.co.uk

Hi I have currently been in an IVA for around 15 months, it is solely in my name. My partner has just informed me he has sold a rental property he owned to pay off his debts and reinvest any profit into his company. Now my question is, when I set up the IVA they asked for a join income & expediture breakdown will I have to inform the IVA company he has sold this house & will they ask for any monies eventho I'm not on mortgage or deeds??

Hi, if the property belonged to your partner and the property did not form a part of the IVA, then I cannot foresee that they have an interest in this property.

They would have asked for initial income and expenditure details to calculate your proportion of household expenses to arrive at your disposable income.

What your partner does with assets you have no interest in should be no concern of your IP.

Could your partner could be persuaded to use some of the excess to help you with a lump sum settlement to finish your IVA early...?