Splitting Up - need some advice please

[e.h]

Hi there

I think it is only a matter of time before me and my husband split up. Obviously, I am going to have to move out of the matrimonial home and rent somewhere as soon as possible. What will happen with regards to our interlocking IVAs? Naturally, we have the 4th year equity release clause. My husband will probably try and stay in the property for as long as possible, if I know him (although, with a crippling mortgage and an equally crippling secured loan, I don't see him staying in it for very long). What would be the way forward with regards our property and our IVA?

Any advice gratefully accepted.

Many thanks

Liz

[Skippy]

Hi Liz, I'm really sorry to hear that.

I'm not an expert, but I seem to remember Melanie saying that you can either continue to pay the IVA's together, or else they can be split. Hopefully someone who knows more than me will be along soon.

I hope things work out for you x

[e.h]

Thanks Skippy.

Liz
x

[Hovish]

Hi,

So sorry to hear your news, I do not know what happens regards your House, but my husband and I split up last year, we were still on very good terms with each other, he paid 200 pounds a month and I paid the other 66.00 pounds. Our IP put our income and expenditure separately as we had our own rented properties and our own bills. We were told at the time that we could take seperate IVA's each one being responsible for their own debts, but we decided we got into debt together we would get out together. We are now 8 months in and have recently got back together. Pressures of money really do have a great impact on a marriage, but we feel we are finally getting somewhere with our debts, and we are really happy now. We have moved into a new rented home together which we both love with our two children, I have recently lost three and a half stone in weight, and things could not be better. I hope things turn out for the best for you both, it is very hard on your own, but you have to do what is right for you at the end of the day. Good luck[:)]

[kallis3]

Hovish I am so pleased you managed to sort your problems out. It is a strain on a marriage especially when you try and keep stuff from hubbie as I did. Fortunately we weathered the storm.

Liz, sorry to hear that your are on the verge of splitting up, I hope you can sort your problems out.

[angela18]

me and hubby were on verge of splitting up but we are fine now.. after facing up to our problems!! financial problems really take a strain on all aspects of life.. hope fully you can sort out your IVA amicably

thinking of you

[Viki.W]

Hey Liz, sorry to hear your news, I can't help with the answers but just wanted to say I'm thinking of you. Viki X

[Moneystinks]

I'm so sorry that your relationship is struggling - I hope there is some way through this for you.

Will be thinking of you.

I'm sure that somebody has posted that Melanie is at some awards tonight, so hopefully another expert will be along. I'm sure I have read something similar to the advice already given though.
Thinking of you. X

[e.h]

Thank you all so much for your lovely comments.

Liz
x

[facingittogether]

hi liz

so sorry to hear that you are going through a bad time! just wanted you to know that i am thinking of you!

barb x

[Shining]

sorry to read your post, hope you get it all sorted and at least that will then take the pressure off you on that score.

hovish very happy for you, nice post, very positive ending x

[ianmillington]

It depends upon the circumstances you are in. If things are fairly amicable and you can between you agree on how things proceed, then you can simply notify the Supervisor of the separation and your new address and of your intention to continue as before.

I have not seen your proposals so there's an element of guesswork here, but my suspicion is your IVAs on approval will have become interlocked and, in that respect, if one fails, so will the other, due to effective joint and several responsibility for the obligations in the proposal eg the contributions. You ought to consider whether to ask the Supervisor to propose a variation to formally sever the link between the 2. Generally this means that each of you will probably pay contributions pro rata although the (presumably jointly-owned) may complicate it as any joint ownership may make total severance impossible at least until the property ids dealt with.

I would put the matter to your Supervisor now as only he/she can give you the advice you will need specific to your circumstances. Ideally you and your husband can then discuss it so at least you will both know the IVA consequences before you actually separate.

Ian

[MelanieGiles]

If the IVAs can run separately, and still achieve the dividend payment to creditors, I see no reason to hold a variation meeting simply to separate them - and even if one fails this should not necessarily affect the other, if that party can continue to make their share of the payments.

However, as Ian says, an early consultation with your IP is essential - especially as you have the equity release issue to deal with.