Partner been in his IVA for 4 months only. We need to part company sadly, and the house will need to be sold. Niether of us can afford to buy the other one out, or run the house and debt on thier own. Where exactly do we both stand. I have my own debt although not in a Debt Management Plan, surely through circumstances this situation does arise alot. There will be equity in the house,and should now be enough to pay the IVA off and my debt and possibly a couple of thousand over to get us both started seperatly. Is this a situation anyone has come across and come through. Cant cope like this much longer.
Hi Helen and welcome, I'm very sorry to hear about your news, have a chat with your IP as they will be best placed to advise regarding the sale of your property and what funds would be available to pay off the IVA
Helen - sorry to hear you news - As well as running it by your IP - you will need to get the house on the market at a realistic value - to ensure it will sell - i assume you dont want to be in this situation 18 months time , obviously the valuation and any equity - will be big factors on this, Its also to time to check to make sure that you have 50/50 interest on the property.
Sometimes when this happens (been there) to have to put emotionals to one side - and treat the whole thing as a purely business transaction.
The sooner you do this the sooner you can move on !!
