iva and getting out of it

debtiva

Hi,
i have been in an iva for a year now thanks to a lot of your help.

My situation has now changed in that i hav split up with my husband and will be getting a divorce.

My problem is we are bout joint owners on the mortgage and he will want the house sold.

What happens when the house is sold?

does the iva get paid off or are we both still in it for another 4 years even if we both rent somewhere?

Also is it poss to rent somewhere whilst in an iva?

My mum said she would pay £5000 if they were to accept a full and final settlement ......is this likely?

I owe £7500 on the iva so is a !!!!!! offer of £5000 likely?

Oh boy you never know whats round the corner

oplus

If this is a sole IVA contact your IP and explain that your circumstances have changed, say there will be insufficient income (if true) and a third party is offereing a !!!!!! on a one time only basis. Don't mention the house as all this is up in the air at the moment. If the £5k plus what you have already paid is near to the agreed dividend the creditors will usually accept because they will have already written most of it off and they will save on the IP fees.

FoggyBrain_2

Chances are that there will be a restriction on sale on the deeds, so not mentioning it is not going to work. I imagine it will be brought into the conversation by the IP. A lot will depend on the figures and if the IVA is yours alone, or if your ex has one ( maybe even interlocking).

The best person to advise will be your IP.