OK so in the 5th year of a joint iva with my ex-wife and it has just been extended to 6 years as there is not enough equity in my property to release (she rents her house) I live in a flat I owned before we met
Our total debt was 25k of witch 12k was my debt
Now just to point out she arranged the iva I just signed the forms and if I'm honest didn't read them as I just saw it as a means to an end (silly I know)
It seams that I might of underpaid as I haven't done a income and expenditure review for sometime and I'm wondering how this will affect the iva
I have a family member offering me 3k to make a full and final offer but dfd want a income and expenditure before they approach the creditors
And I feel this could cause a big problem as I've since learned I should of told them about job changed and pay increase
Can anyone offer some kind of help as I don't want my iva to fail in year 5 I just want this knight mare to end
Please hold fire on the criticism unless constructive
If there was no equity to release that does not normally result in an extension unless it is over 5k.
You need to ensure that your ivas no longer interlock on the basis that your ex is your ex and get a new income and expenditure done.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
You will need to do the I&E but your IP should have been monitoring this anyway. Prices have gone up so any increase in income could be offset by increased expenditure and I assume the change has only been in the last year. New jobs and pay rises tend only to be dealt with at annual review time anyway so you may have done nothing worng and if so your offer seems fine.
I am surprised your IVAs have not already been severed given that you do not even live in the same property so as Lifenoteasy says you need to make sure this is done or ensure both IVAs are closed.
