Im so cross with myself for allowing all this debt to happen, before we got married I had no debt, my husband already had around £15k which he told me about straight from the start, it caught up with us and we remortgaged etc etc, then my mum and dad moved miles away and as our son is autistic we followed, moved closer and bought something we were really stretching ourselves with (our fault). Since, we have had credit cards because our mortgage was so high, catalogues etc etc, I feel like im drowning.
I desperately want to sell our house and start again. We owe 177,000 now on our mortgatge and house valued at £200,000. Not that much equity plus we still have to sell it. Our iva was agreed at £13k from £27 (im not proud of this). If we sell is the equity from our joint mortgate (even though the iva is in my husbands name) available to the creditors whatever, or do they have to consider that i have interest int he mortgage too.
I just am hoping they will let us sell if it ends upt that the need permission for my equity so that in the long run they get more if you know what I mean, sorry to ramble.
Your share of the house equity cannot be grabbed by your husband's creditors - assuming that the house is owned jointly. The amount you will be required to introduce into the IVA will depend upon the terms of your husband's specific arrangement and the way the IP interprets those terms. A creditors meeting may have to be called to ratify any decisions.
