IVA Companies Information

Ordinarily it is in the 4th year of an IVA that an individual in an IVA would be asked if they are able to remortgage their property (up to a loan-to-value of 85%) to raise funds to give to their creditors. As the property is jointly owned, but only one party is in an IVA the Insolvency Practitioner (IP) (the individual overseeing the administration of the IVA) would only look at their 50% interest in the property when establishing if it possible for them to remortgage. Should it not be possible for the individual in the IVA to remortgage it is likely that their IVA would be extended by a further 12 months, making it 6 years in total. The one advantage of your ex-partner being in an IVA is that his creditors will be unable to take any further enforcement action against your jointly owned property in the form of Charging Orders etc. Please seek further free money advice.