iva

[cop66]

My wife and I are both in IVAs, seperate ones. She works on a day to day basis and recently has found it hard to meet her payments.

When she does getting paid in a month we both try and pay a bit on each.

It is unlikely the creditors will accept reduced payments.

If she were to go bankrupt does it automatically mean we have to sell the house ? We spoke to the company who manage our arrangements and they seemed quite hard with us, probably as they dont want to loose our IVA.

It is our house we are worried about as we have 3 kids. We are about 20 months into it. When we started the IVA we probably had about �12K equity of which we have to pay a percentage at year 4. This is only a fraction of what we owe.

Any help would be greatly appreciated.

[themas]

Go to the Insolvency Service website. They have a lot of info on bankruptcy, including a booklet on what happens to the house. In general terms, usually the equity is split 50:50 and an allowance made for selling costs etc. If a third party (such as you, if you are not going bankrupt, or a family member) could find the money to buy out (from the Official Receiver) your wife's beneficial interest then the house would not have to be sold.