I am currently in a 'joint' IVA with my wife. I would like to remove myself from this arrangement as soon as possible, but the best Grant Thornton could come up with was to fail 3 months payments and then be in breach.
Am I entitled to remove myself sooner? What are my rights here?
Thanks in advance for your help, as I am new here.
Hi. They can issue a notice of termination at any time, rather than allowing the IVA to breach.
In any event, when the IVA terminates you will become liable for the debt in your name, as well as the full liability for any joint debt in the arrangements, along with lost interest and, possibly, late payment charges. I trust that you have an alternative plan of action in mind.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
All IVAs are individual so there is no reason for your wife to carry on her IVA and for you to just fail your one as long is it is financially viable for her
I would ask GT to split your IVAs and payments
Do think very carefully about failing an IVA as you do risk bankruptcy if your creditors insist on this
My wife has left and now lives with a new partner, and I am seeking to separate our finances.
GT presented the 3 months missed payments as my only option and would not discuss any other possibilities. I am thinking that can't be right, and I should be able to just terminate my agreement with them?
I do have an alternative plan, for when my IVA is terminated.
A lot will depend upon how far you are into the IVAs and how the payments have been going.
When my wife and I separated we did new income and expenditure reviews, which showed we could no longer make repayments. So we proposed a full and final based upon payments made to date, which was accepted.
We were only half way through the agreed term, but had managed to overpay quite a bit with overtime and PPI refunds.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
have done just over half of the 5 year IVA. September was the first missed payment, but I don't want to wait until 3 months of payments are missed before I can get myself out of this situation.
Can I insist that GT separate the two IVAs? Or is it down to their decision?
In theory it is your IVA and you can tell them you want it terminated -- if they do not co-operate you can complain to their regulators (for what good these complaints do within a largely self regulating industry).
GT is one of the slowest moving firms, so whatever happens might not be fast!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
