Will my ex's house be ok if I default on my IVA?

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chris987

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Post by chris987 » Fri Feb 12, 2021 11:54 am
Me and my ex partner bought a house in 2016.

We split up in 2018 and I moved out in 2018 and she paid me £4,000 to buy me out of the house, but has been unable to get the house fully in her name alone for one reason or another, I would sign my part over in a heart beat as we have kids and that is their home.

I got into a lot of debt when we're together and I decided in 2019 to get an IVA.

I'm self employed so my work dried up when the pandemic hit and I have been unable to pay my IVA, I am currently in breach and they are either saying they will cancel the IVA or petition to make me bankrupt.

Will they look at my ex wife's and kids home as it's still not fully in her name, or because I haven't been living there for a few years and she already paid me £4,000 to buy me out will they then avoid looking at the house?

Can my ex partners mother be a guarantor for her so that it can fully go in her name or could she buy the house or me sign it over to her mother etc?

What are my options? I've had no relevance to the house in over two years, haven't been paying anything towards it and was bought out.

I just need some advice in case bankruptcy does rear it's head.

chris987

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Joined: Fri Feb 12, 2021 11:54 am

Post by chris987 » Fri Feb 12, 2021 11:59 am
So I must clarify, it's not my ex wife, just my ex partner, not sure why I put wife in that one sentence.

Foggy

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Post by Foggy » Fri Feb 12, 2021 12:08 pm
If it goes to BR the Official Receiver will investigate the situation regarding the house and it is possible that it might be sold, or that the OR will offer your partner a chance to retain the property --- we cannot guess the outcome.

It would be best if you could salvage the IVA, if possible. There are temprary amendments in place due to covid --- you can find them here : https://www.gov.uk/government/publicati ... a-protocol
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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