I have a joint IVA with my partner. We have now decided to split up as we can no longer live together. We have a child and a mortgage with no equity or very little in it. Please advise me what our options are. We have an order on the house preventing immediate sale. I'm worried we are going to end up homeless as can't afford to live anywhere else with the high rise in costs. We have been separated but living together for a year now as we are trapped but this is now having a negative impact on our son.
hi hara im sorry youre in this horrible situation. i just wanted to say welcome. this is an excellent site for support and advice-of which you will receive lots. its easy for me to say but for now dont worry because someone on here-one of the technical bods will be able to help you. [:)]
Welcome to the Forum - you will get loads of support, ideas and advice here.Presumably you have two separate IVA's? How long have they been running? Who obtained the order to prevent immediate sale? Have you considered talking to your local council housing officer?
Last edited by David Mond on Sun Dec 28, 2008 3:07 pm, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Welcome from me as well, sorry to hear about the horrible position you are in.
Will you both be able to sustain IVA payments after the split? I take it by not being able to sell immediately you are talking about the restriction placed on it? I would speak to your IP and ask advice as to whether it can be sold.
With little or no equity you could always look at bankruptcy as you may be able to keep the house. Speak to your IP and ask their advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You actually have several options, which are probably better discussed directly with your IP as they have detailed knowledge of your case.
If the IVAs are mutual and interlocking, and if you can afford to maintain your shares of the monthly contribution, then they can continue to run regardless of your separation - however I get the impression from your post that this may not be possible, so your IP could look to formally vary them to be separate arrangements if you can afford to still maintain some form of payment.
Clearly you ought to deal with the property as a priority, and if you could let us know some details of the order preventing sale, together with a note of whether there is any equity in the property, this will be a good start. Finding suitable accomodation for you and your son has to be an immediate priority over all other things - including the IVA.
I suggest that you put a call into your IP tomorrow to let him/her know about your situation, and to see what advice they can offer to you. So sorry to hear your sad news at this time of the year, but maybe 2009 will bring a fresh start for you all, so do try to remain positive in the meantime.
David Mond wrote:
Welcome to the Forum - you will get loads of support, ideas and advice here.Presumably you have two separate IVA's? How long have they been running? Who obtained the order to prevent immediate sale? Have you considered talking to your local council housing officer?
Hi, I have a joint IVA, we have nearly complete our 2nd year and have 3 years left to run. If I asked my supervisor to split the payment in half so that me and my ex partner pay separately, will they keep the payment levels as they are or will they try to increase payments as they would now be individual IVA's. Financially, I will be worse off as a single parent and can't afford a payment increase.
You need to speak to your IP and put them in the picture as to your situation. You will be able to tell them how the split is going to affect your payments, and they will be able to advise as to what will happen with your IVA.
As Melanie says, they have details of your case and are the best ones to speak to.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
MelanieGiles wrote:
You actually have several options, which are probably better discussed directly with your IP as they have detailed knowledge of your case.
If the IVAs are mutual and interlocking, and if you can afford to maintain your shares of the monthly contribution, then they can continue to run regardless of your separation - however I get the impression from your post that this may not be possible, so your IP could look to formally vary them to be separate arrangements if you can afford to still maintain some form of payment.
Clearly you ought to deal with the property as a priority, and if you could let us know some details of the order preventing sale, together with a note of whether there is any equity in the property, this will be a good start. Finding suitable accomodation for you and your son has to be an immediate priority over all other things - including the IVA.
I suggest that you put a call into your IP tomorrow to let him/her know about your situation, and to see what advice they can offer to you. So sorry to hear your sad news at this time of the year, but maybe 2009 will bring a fresh start for you all, so do try to remain positive in the meantime.
Hi, My property appears to be going into negative equity. Would my IVA company allow me to rent out my property and do they have to be made aware of this? If I decide to sell my house, would I be able to do this asap? Doesn't thie restriction order just mean that I need to ask for the supervisors permission? I haven't yet contacted my supervisor as I need to make a decision prior to speaking to them. Many thanks
Your IP will look at both individual income and expenditure accounts, to determine whether your payments will need to increase. From what you have said in your post, this would appear to be unlikely.
Once the property is sold and you and your partner find separate accommodation any surplus may have gone as there will be two homes to run. Your partner will have to make provision for child maintenance and each IVA will need to stand alone.
You should contact your IP urgently and they may allow a payment break until the situation crystallizes. Bankruptcies may well be the best options especially with the property being sold anyway. I totally agree with David that you should see a housing officer and perhaps meet with a benefits advisor at your local CAB.
Please speak to your IP as soon as possible and take steps to see your local housing officer as I said previously. Good luck and let us know how you get on.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
