I took out an IVA last year, unfortunatley I lost my job in April this year and could not pay my IVA. I spoke to my IP and said I would sell my house and relocate for better chance of finding work and pay off IVA early with my equity, which IP said was ok.Original IVA was £294 per month and £20k equity in 5th year, fine. I have now found another job but carried on with the house sale to clear my IVA, but now IVA want more equity. Can they do this. Also if I went bankrupt,I have had a sole mortgage for last 7 years as husband is medically retired, married for 23 years always paid everything joint. I have been told that my husband has no claim on the equity whatsoever as it more than 5 years since his name on mortgage, is this correct. He was medically retired and couldn't go on mortgage but still contributes to everything from private pension. This seems rather unfair or is my IP trying to scare me. Debt was all mine from failed business.
I would recommend you speak with a forum expert to discus the husbands claim - from what you have said I believe he has a claim.
Seccondly there may be a position that the trustee will review the position with a third party. To close the iVA early there needs to be some real reason and benefit for the creditors .
I took out an IVA last year,
Posted - 11 September 2009 : 20:39:26
