Split Up - Parnter Applied for IVA without knowledge

fatbelly

When he left, you didn't know about the potential IVA.

So what was the plan? Did he say he would continue to pay the mortgage? If not then I can't see how you can fund this on your own. 

It may be best to sell, split the equity and you each use it to address your debts.

In your case you can probably clear them in full.

If there is an IVA, and a restriction on the Land Registry you can still sell but it adds a layer of complication and his share of the equity will first go to pay the IP fees.

corkyefes

housebuyer143 said:

He owns half the house so you can't really stocorkyefes said:

fatbelly said:

You won't be able to stop the granting of an iva. Either 75% of his creditors will vote for it, or they won't.

If you can have a sensible conversation with him you can ask him to delay the iva until the property is sorted. What's his rush ? If you agree a solution that sends some cash his way he may not need an iva anyway.

Most ivas are missold so i'm not sticking my neck out too far in saying he probably has better options

Thanks for the reply..

However if i stand my ground and dont consent on the property, does that mean he could still get an IVA without the property being involved.

Ive thought of the option of just selling and breaking from him finanacially but im worried about my benefits (in my last post) because if i lose my benefits, i wont be able to live.

He owns half the house so you can't really prevent a charge being added to his half of the property. How that impacts a sale though is what matters to you. You can refuse the remortgage which would be an IVA requirement, so if you make it clear you will not be agreeing to that aspect then potentially they will not grant the IVA.

If you sell they will ignore the money from the house sale for 6 months, so you are then able to buy something else or clear those debts and get your money down to £16k.

Thank you.

I've always been worried about the benefit situation...

I think i would get about £30k out my house, but have £12k debt, so that takes me to £18k straight away and then i could buy something for a couple of grand.

Just always worried the government would look into my bank and see ive spent the money, but i guess it would be ok paying debt off?

fatbelly

I think that would be ok. You don't really know what price the house would sell for or what the fees would be.

If you ask on the benefits board they could probably guide you on what was reasonable expenditure.

housebuyer143

corkyefes said:

housebuyer143 said:

He owns half the house so you can't really stocorkyefes said:

fatbelly said:

You won't be able to stop the granting of an iva. Either 75% of his creditors will vote for it, or they won't.

If you can have a sensible conversation with him you can ask him to delay the iva until the property is sorted. What's his rush ? If you agree a solution that sends some cash his way he may not need an iva anyway.

Most ivas are missold so i'm not sticking my neck out too far in saying he probably has better options

Thanks for the reply..

However if i stand my ground and dont consent on the property, does that mean he could still get an IVA without the property being involved.

Ive thought of the option of just selling and breaking from him finanacially but im worried about my benefits (in my last post) because if i lose my benefits, i wont be able to live.

He owns half the house so you can't really prevent a charge being added to his half of the property. How that impacts a sale though is what matters to you. You can refuse the remortgage which would be an IVA requirement, so if you make it clear you will not be agreeing to that aspect then potentially they will not grant the IVA.

If you sell they will ignore the money from the house sale for 6 months, so you are then able to buy something else or clear those debts and get your money down to £16k.

Thank you.

I've always been worried about the benefit situation...

I think i would get about £30k out my house, but have £12k debt, so that takes me to £18k straight away and then i could buy something for a couple of grand.

Just always worried the government would look into my bank and see ive spent the money, but i guess it would be ok paying debt off?

Yes, paying off debts would be a fair reason to use the money I would think. It makes no sense to have savings while having the debt from a benefits perspective.  Maybe you need a car or something? You would have 6 months to decide what you needed for £2k 👍

silvercar

While the IVA is in place, you will struggle to remortgage to a different lender.

your credit rating will be effected, this could effect how easy it would be to find a rental property.