Hi both myself and soon to be ex husband have IVA's and are 29 months into paying it. We are divorcing and have 2 small children. My question is as I really want to stay in the matrimonial home is he obliged to do tongue to pay his half of the mortgage whilst in the iva? I can not find out original agreement. Thanks
If you want to stay in the home then he will have to continue paying. If he doesn't then you could run the risk of having to sell it.
Is he happy to continue to do so?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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The iva does not oblige him to maintain his share of the mortgage.
This will come down to what divorce agreement is reached, maintenance etc.
Also he has the liability as he is co-owner and if he defaults they could take action against you.
If either of you want to sell any profits would go to the iva with an amount set aside to allow you to rent unless it pays the iva off in full.
The other issue is whether you are in individual or interlocking ivas.
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.
Presumably he will be moving into rented accommodation, so both I&E's will need to be done again, his allowance toward the mortgage payment will either be replaced, or augmented, by his rental payments. As LNE says, he will not be compelled to maintain payments by the IVA, but you will both have to look at the whole picture and work out the best way forward for the both of you.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi and welcome. Sorry to hear of your present circumstance and sincerely hope that working with your IP and working together with your ex-partner that you can find a way forward.
Both Income and expenditures do need looking at as Foggy rightly says to find the best way forward
All the best and I sincerely hope this works out, don't forget where we are if you need any advice/support.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
First issue about whether you can stay there and if so whether he has to continue contributing to the mortgage will depend on what the Court decides.
That may then have an impact on one or both of your IVAs so some adjustments might need to be made and they might need to become unlocked if they are interlocking.
If he continues paying the mortgage and has has to start renting he might be entitled to deduct the rental sums off any amount he is paying towards the mortgage capital.
Remember he can't pay you what he doesn't have so he probably wont be able to pay the mortgage and rent at the same time (and continue with his IVA payments).
