IVA affect on mortgage?

Spicer11

My husband has ran up over £100k in debts over the last 10 years. We added some to our mortgages and got a loan against the property to pay off £30k back in 2006. Since then he ran up another £27k two years ago and he has got an IVA. I have since found out that he spent the last savings that my daughter had from being poorly £2,500 (he already had £14k to pay off debts)! Anyway I have had enough and want a divorce but he tells me that he has to stay with the house due to having an IVA. They assess the equity of the property to see what the creditors get back which is 50% of the equity and at present probably about £15k.
What I need to know is do the IVA add on the loan that is also tied to the property?
My husband said I could claim disassociation from the property and loan, which would mean no more of his debts but also this is our family home and I will be making my two children and myself homeless.
Any advice please? Many thanks

Foxy-Stoat_3

I would speak directly to the IP about this as you won't find the 100% correct answer. I assume you will be able to find out who they are, maybe not discuss his IVA but they will give you the best advice.

He would of declared the property before the IVA and they either take a percentage of the equity by you remortgaging or extended the IVA another year if there is no equity.

Personally I would slice him off now and let him sort out the extra year after the 5th annual review.

I very much doubt there is any sort of charge being put on the property and circumstances do change in an IVA.

Good luck there.

Spicer11

I assume IP is the IVA comany. I know my husband has spoke to them but I dont think he asked the right questions, like what happens to the large loan that is also tied to the house!

Going to see a divorce solictor next week but not sure if i need a financial advisor of sorts!!!

Thanks again