My ex husband and I have been in an iva for approximately the last four years. The majority of the debt was his I.e store cards and he agreements taken out largely without my knowledge to help fund his lifestyle I later discovered. He was working full time and I was a stay at home parent. We separated and he left the ex marital home approx 1 year ago...
He assured me he would continue to pay the mortgage and signed to this effect (he left due to discoveries of massive infidelities and at the time appeared extremely remorseful.) of course he moved in with one of his affair partners and stopped paying any mortgage repayments without informating myself or the mortgage lender. To cut a long story short I have moved into rental accommodation and the house is in the final stages of the sale. In mediation I was awarded 70% of the overall equity which equates to £30,900. I have separated my IVA from his as the amount of debt I owe is significantly less. The iva company have requested that all my equity be paid to them upon completion!! It massively surpasses the amount of debt I owe and I'm worried they may just take a massive amount for early settlement fees I.e charging me £5,000 for two paperclips. Is there a maximum amount I can expect to pay?? Am I likely to see any of the equity returned to me??
On top of those they will deduct the balance of your full original debt and possibly statutory interest at 8% per annum (some proposals exclude this, so, again, check your paperwork).
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