Change in circumstances

[Pete7197]

Hi
My wife and I entered into an IVA 6 months ago, we have been making the payments but were unhappy at the time because it was insisted all benefits be included as income, we said that the benefits would not always be there but were assured that if circumstances changed so could the IVA be changed. Six months later our monthly income is £600
less, we informed blair endursby that we would not be able to cope with an increase in the iva amount noe due and filled in new income sheets etc, right up to now they have been supportive but don't seem too willing to actually fight the case, surely these people can see that if a family lose maintaince for children as we have because they have left education that this money can not just be found else where ?? we have told them that the iva will fail if they can not get the creditors to agree and of course they can see that this is in noones interest, unfortunately the stress has led to the break up of our marriage, now the suggestion is that my wife take on the whole debt as her situation would get a far better hearing than if we stay in a joint iva as we were fully prepared to do, what are thses people talking about ??

[MelanieGiles]

Hi Pete and welcome to the forum.

I am so sorry that your marriage is being effected by an IVA which should have been adapted to take into account the loss of benefit income from day 1 - when it was apparent that your children would be leaving school at some stage during the five years.

I honestly do not understand what Blair Endersby are saying in suggesting that your wife takes on all of the debt. Your wife can only be deemed responsible for the debts which she is liable for (including joint debts).

Assuming that your IVA's allow for variations within the first two years (and some do not as a result of creditor modifications), you must instruct Blair Endersby to put forward a variation to the original terms if this will still return a viable dividend to the creditors.

Can I ask what monthly payment you agreed to pay and what you feel you can pay now, and also the level of your creditors?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk