Moving house when in an IVA

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hywel151

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Post by hywel151 » Mon Jun 22, 2020 5:19 pm
Hello,
I am looking to move house as our family is being increased by twins due in October, I have 2 children already in a 3 bedroom house so a larger house is needed.
I am currently in an IVA and just looking for more information about moving whilst in the agreement. From what I have read it sounds that this is going to be a very difficult task.
So my understanding is that any equity that becomes available whilst selling my current home becomes available to my creditors, however I am in a joint mortgage with my wife, so my question is, can they take my wife's share of equity? Also, how much of my equity becomes available to the creditors, is it just 50% as the same as if I earn any bonuses or commission from work or does the entire equity go to the creditors?
Thank you for your help and I look forward to your reply.

Foggy

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Post by Foggy » Mon Jun 22, 2020 5:22 pm
It is your share of the equity -- usually 50% and up to 85% of that due to the IVA. A new mortgage would be the issue, though, unless your wife can support the mortgage on her own salary.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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