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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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.
