www.iva.co.uk

My wife owns our house but I am on an IVA. She is not. She has to sell the house and then buy something smaller. Can she do that and is there an impacty on my IVA?

I presume there is no mention of the house in your arrangement. Some IP's will try to imply that you might have an equitable interest in the property, but this would be next to impossible to determine without going to court. On the face of it, the house and proceeds are nothing to do with your IVA or IP -- unless you agreed something in this respect in your arrangement.

A change of address will also change your household outgoings, so monthly contributions may increase or decrease to reflect this change. You may want to check your outgoings on a line by line basis - eg. will you live further from work and will it cost you more to commute in.

The ownership of the house will have been reviewed when the IVA was set up. Unless there is anything already in the IVA specifically about the house it will not be claimed in the IVA.

Call your IVA company for confirmation, which they will be happy to do.

If the property was not included in the IVA, being her property, then she can do what she likes with it.

Perhaps she would be kind enough to gift you a lump sum from the proceeds to make a settlement offer to creditors to finish your IVA early?

The move might also affect your I&E so your contributions might change to reflect this in due course.