Home owner

G3orgi3Rose

My ex has applied for an IVA. We own a house together that is on the market through voluntary repossession. I have been told that I have to sign a form to protect the house from the IVA. The house is currently under offer at £20,000 more than the mortgage.
Can anyone explain to me how this is going to affect any money that I will get from the sale of the house whether I sign the form or not? 
The IVA has nothing to do with me we have been separated for 3 years and this debt is what has been accumulated since then.

sourcrates

I`m unaware of such a form, however its your ex going insolvent, not you.

When the house sells, anything left over, unless some other arrangement exists, will be split 50/50 between you.

You are free to keep your share, the payment to your ex will be considered a "windfall", and under the windfall clause in most IVA`s, that money will go to the benefit of there creditors, they won`t see a penny of it normally.

I would strongly urge you to run this past National Debtline, before you sign anything, this is there website -

Debt advice | Free debt advice | National Debtline | National Debtline 

who has told you to sign this form anyway ??

fatbelly

It's not clear to me why you should sign anything. Your share of the equity should not be affected in any way by the IVA

MalMonroe

I agree with others here. I wouldn't sign a form that doesn't appear to have anything to do with you, or your share of the property. It isn't your IVA so how can possibly it affect your portion? If you sign any form then you may end up being sucked into your ex's debts. It's nothing to do with you.

Getting some free advice is certainly a good idea. Citizens Advice can help, as can Stepchange and as Sourcrates says, National Debtline. 

Don't be pushed or rushed into something that you're not sure about.