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House worth approximately £160K there is £111K outstanding.
I have about £10K debt my husbands debt is via IVA at £434 monthly payments (15 months of IVA payments to go).
My income is £24K unsure about my husbands but guess it is between £35 - £40K
We have been married for 23 years, the last 4 years living apart.
We have two daughters aged 22 and 18, my eldest has already left home, living with her partner, my youngest is currently at university.
We have lived apart with very little contact for the past 4 years, so if I could avoid returning I would, but feel that if it is better in the long run to return, divorce at the earliest opportunity and sell up, I am reluctantly prepared to do that.
Ok, the house is in joint names and as such the IVA does not involve this joint asset, because of this I had to sign a document from Grant Thornton which is lodged with Land Registry to hold any movement on the property for the duration of the IVA.
If the house was solely owned by him, then it would have been sold to pay off his debts and I would have gladly started divorce proceedings.
I thought that until this IVA had expired I could not move forward with either selling the house or divorce ??
Sorry I do not have a copy. I would assume Grant Thornton have a copy of this, if I were to obtain a copy what then ?
Thank you, I will certainly ask for a copy of what I had signed. As you can imagine emotions were very fragile just after leaving him, and he presented me with this document / IVA bombshell only a couple of months after I left. I should have taken a copy.... but didn't.
One last query, if I start divorce proceedings before his IVA has ended, and I ask the court to order the sale of the house, am I correct in thinking that his creditors will then be entitled to his share of the profits if any to pay off the remainder of his debt under the IVA ?
Thank you Clare, I am a little more clearer in mind now as to what I need to do. Thanks again for your help.