Just after some initial advice, I'm aware i would need to discuss this with my IP.
My wife and I are 3 years into our IVA and there is a big possibility that we could be separating. Besides all the effect on the children we would need to cope with I would also like to know where we would stand with our IVA's.
We are in interlocking IVA's and I know these can be separated and new expenditures calculated but would these effectively start again from scratch or would they continue the 5 year course?
I couldn't bring myself to start again after 3 years so I'm hoping they would continue ...... can anyone confirm this?
Thanks
Kravarran
The hardest part is telling a stranger about your problems ...... it's also the most important!
They should be able to continue seperately but your main problem is likely to be if you have a mortgage and any equity.
A lot of it will come down to how proactive your IVA company is.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
The IVA's can be left interlocked and you work together to make the agreed payments, as now, until they are over. Alternatively they can be separated and you each work independently until the agreed terms are over.
A lot will, of course, depend on how your finances work out once the separation has taken place. As you might be aware, in my case, the new I&E's showed no disposable income and I put forward a full and final offer.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
