Hi there. i took out an iva in nov 06 when my circumstances were different and i was living at home. i have now met someone and we are hoping to move in together next year but i would need to give up my job to look after his children as childcare would be too expensive. My partner does not earn enough that he would be able to pay so what would happen to my IVA? Would i then be made bankrupt? Thanks for your help. I am just worried that i cannot live at home forever and need to move out but will not be able to afford it.thanks
Hi
If you do not pay into your IVA then it will fail.It is unlikely that creditors will make you bankrupt but your debts will still stand.
Could you look at tax credits etc ans see if you could pay a reduced IVA payment.The alternative is to make yourself bankrupt and put all your debts behind you.
What is for certain is that you should not put your life on hold for the sake of your IVA,move in with your partner and enjoy the children
Regards
Hi thanks for your replies.He is currently going through a divorce but wants to keep the kids. i am more than willing to look after them if he gets them (as daunting as it is) but i am fully aware i still have 3 years left to pay. If i ws to go through the bankruptcy route do i have to pay for that? how much is it? i just think its silly to pay in for another year and then go bankrupt. i was so releieved when the iva was approved but like ive said i have now met someone and cannot live at home forever.
I just dont want this debt hanging over me forever, and also worry that if i go bankrupt my family could find out which i really dont want
Hey sweetmonkey, welcome to the forum. You sound like a lovely person and I wish you all the luck in the world for your new role in life. You would have to pay a percentage of any disposable income over £100 into an income payment agreement for three years in BR. Do you anticipate that your partners ex wife will not have the children very often, if she will have them, maybe you could look at a part time job and your partner could help out with the IVA payments. Just a thought.
Hi thanks for your reply viki. To be honest i am not sure whether he will get the kids. he wants them as he says he can provide the best for them and that nowadays that is what the courts will side with but it is up in the air at mo. If it came to it and he didnt get them i could still work full time and we could rent our own place and have the kids weekends (not ideal i know) but at least i could continue my payments. i guess its been on my mind as we have been talking about it more and more recently and ive just started panicking in case i do need to look after the children but i know we wouldnt have enough money left over each month to pay my iva too. his kids are various ages so not really ideal for a part time job, unless i could get something working from home
Well, as Andy has said, you can not put your life on hold for the IVA. See what happens, there are lots of decisions to be made. Just take it one day at a time. Keep posting sweetmonkey, we're all here for you. X
If he is fortunate to be awarded custody, his ex-wife will have to pay maintenance, so this may help to pay for childcare without necessarily affecting your income.
