My ex husband is going for an IVA

[emma877]

My husband has told me today he is going through with an IVA. (Debt from gambling which resulted in our separation) He has all the forms ready to sign even though I can apply for a mortgage in 3 weeks to give him a lump sum and buy him out of our mortgage (which I am living in with Our 3 children) I don’t want him stuck on the mortgage for the next 6yr and for the last year neither had he. I am self employed and have put everything in place to be in a position to buy him out at an agreed figure. Paid for the divorce myself, paid off my credit cards, done my latest self employed accounts. All to be in a position to do this but now he’s saying this. Will the company dealing with the IVA let this happen?

[Foggy]

I do not understand why he is going into an IVA now, when you can sort it all out in a few weeks! Although I have my suspicions --- but, of course, do not know the full picture.

In theory you would have to sign a form to agree to a restriction being placed on the title deeds (although I have seen this circumvented!). I would suggest you could mention the possibility that you will not agree to a restriction to his prospective IP and see what they say.

[Lisa Thomas]

I expect his debts are higher than the lump sum which is why he will still need an IVA.

If the agreement is made for you to buy his interest out of the property then your payment should be due into the IVA, assuming one goes ahead.

You need to get specialist insolvency Solicitors to make sure this is dealt with properly so it doesn't unravel in the future.

I can recommend one if you don't know any.

[Ryan]

Definitely best to get some advice as having the restriction on the property will certainly not be in your interest.

Regards