joint iva and splitting up?

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darkhorse

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Post by darkhorse » Wed Jun 25, 2008 2:29 pm
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what happens if you have a joint iva with your wife and you are splitting up?
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abc

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Post by abc » Wed Jun 25, 2008 3:45 pm
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This is not a simple answer and will depend on how your IVAs have been set up etc.

Some couples agreed to continue paying the IVA payments between them even post divorce.

Some couples can no longer afford the IVA payments between them as they now have two sets of living costs however if they can manage a certain amount then perhaps a variation can be put forward to creditors reducing the payments due to a material change of circumstances.

Or sometimes, again by variation, the IVAs are split so they are no longer interlocking IVAs. This is not always straight forward particularly with joint debts in the IVA.

Best advice is to speak to your Supervisor.
Alan Coleman
Licensed Insolvency Practitioner with over 20 years experience and specialist for IVAs for self employed people

www.jmmarriott.co.uk
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