Can i re-negotiate how much I pay the IVA?

[adm]

I am on an IVA starting in September 2008 over 5 years, I pay £1046 a month for a debt of £85K. My nett salary a month is £2K, my wife pays the mortgage. We may be splitting up soon and I will need to find somewhere to rent. Can i re-negotiate how much I pay the IVA?

[Lisa2009]

Hi and welcome to the forum.

As your circumstances are going to change, you will really need to discuss it with your IP as soon as possible and send in a new I&E.

Is the IVA in your name only?
Was there an equity release clause as i take it you and your wife are both on the mortgage.

[Skippy]

Hi adm and welcome to the forum.

I'm sorry to hear that you and your wife may be splitting up soon. If your circumstances change you'll need to contact your IP and ask them to vary your IVA. As your IVA is a recent one your IP may be able to reduce the payments by 15% without calling a meeting of creditors.

[Michael Peoples]

Hi adm and welcome.
There are quite a few issues that need to be resolved before your IP could consider any payment reductions.
What will happen to the property if you move out? Is there any equity and were you subject to a fourth year valuation modification? Who will pay the mortgage? Will you have to pay any maintenance or alimony? After paying the running costs of two properties will there be any money left for an IVA?

Should you and your wife split up the IVA is almost certain to fail in it's current form so I would suggest you inform your IP immediately.