I'm halfway through my first year and I live with my partner who is not in a iva, we pay share all the house bills and this is reflected in my budget, we have talked about breaking up and her moving out which would mean all my bills would double, has this happened to anyone else? And did you adjust your budget straight away or did you have to wait until your review?
When my wife and I split up mid IVA ( we were both in joint IVAs) we were offered a payment break while we worked out our new finances and then did a review right away.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Unfortunately it is not uncommon and payments can be reduced or even stopped altogether. Creditors often accept what has been paid to date if there is no longer any surplus income.
Sorry to hear of your difficulties. An iva is a stressful time and I remember only too well the difficult and challenging conversations/times we had in ours.
If your relationship has come to the point of no return then as others say a solution can be found to support you - your IP will need to work through a review and put a variation to your creditors which could be payments to date if no surplus exists.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Were in a joint iva and have decided to split up luckily a family member has offered to put forward a Full and Final payment to closed the iva so we can both move on I'll keep you posted how we get on.
It's not a good time I must admit but just be upfront honest and stay positive [:)]
