If we were to spilt up what would happen ?

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jellywelly

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Post by jellywelly » Wed Jul 16, 2008 12:44 pm
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Hello - I'm in year 2 of and IVA with my husband - our debt is roughly 50/50. If we were to spilt up - what would happen with the terms of our IVA ..? would they be separated or would my liabilities continue under the current terms ?
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MelanieGiles

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Post by MelanieGiles » Wed Jul 16, 2008 12:49 pm
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Hi jellywelly and welcome to the forum

If you and your husband were to separate, and assuming that your IVAs are mutual and interlocking, they could be separated but you would both need to maintain contributions independent of each other to ensure the original dividends could be returned. If one of you were to default, then this could then affect the other's prospects of successful completion, however you could also continue to carry on paying a joint contribution if you both paid towards this.

Let's hope this doesn't have to happen.
Regards, Melanie Giles, Insolvency Practitioner
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