There must be something I can do. In need of help

[nicnak]

Hi. I entered my IVA 3 years November Gone. I have spilt with my partner & he is living in the property but at moment property is in joint names. His intention is either to buy me out or sell the property. I have checked my agreement and it states nothing about the equity going into the IVA, but they say it would be classed as a wind fall. My argument is I'm renting at the minute (costing a fortune for nothing) and want money from old house to help me purchase another. Can they demand all of the equity still or am I entitled to use it for a deposit on another property. It greaves me because come May I will only have 18 mths left on IVA and contributions of £250 equate to £4500. I will receive approx £10,000 - £12,000 equity to help purchase another home for myself & my children. There must be something I can do. In need of help!!!

[MelanieGiles]

Hi nicnak and welcome to the forum

It really does depend upon the exact terms of your IVA and what you are required to do with regard to the equity. Was the property specifically excluded from the arrangement? If so it cannot then be classed as a windfall.

[chris.g]

Would it not be possible to offer a full & final payment?

[nicnak]

Hi, I've checked my agreement and it clearly states my equity is excluded from the IVA. They still keep going on about a windfall though!!

I have now emailed my IP and have stated this again & that I wish to make an offer for full & final payment. What would be a reasonable offer???

From march I have 21 months left at £250 which equates to £5250. So would £5000 be considered reasonable??

[Adam Davies]

Hi
As your property is excluded then I find it strange that it would be seen as a windfall.Many people,including myself,have used equity in an excluded property to settle their IVA
5k is a fair offer
Regards

[nicnak]

I'm going to put an offer in writing today of £5000 and see where it gets me. Thanks