I have a joint iva with my husband. Its been running for two and a half years. We have seperated. I want my name off the mortgage and to walk away. There is no equity in the property but my husband does not earn enough for the mortgage company to put it in his name only. Can we continue with the iva in some way, or how does it work? We seperated a year ago now but havent said anything as yet to our iva company, we have just continued to make the monthly payments.
You should notify your IP about the split as I assume you are now living in separate addresses and have separate income and expenditure accounts. Your IP may be happy to let things run if they are affordable and you both wish to continue or the IVAs can be severed and you each make your own payments.
The IVA would have little interest in the property if there is no equity but you would struggle to get your name removed for the reasons you have stated. Perhaps it would be better to wait until your husband is able to take on the mortgage in his own name but that is unlikely for some time to come.
