www.iva.co.uk

Hello

My husband and I have had an IVA for just over 1 year.

Last week, he announced he no longer wants to be with me. We've been together for 3 years and married for 18 months. It's very early days and I'm struggling to cope day to day, but know that at some point I need to look ahead.

How will this affect our IVA? If we sell the house, there may be enough to end the IVA early (if we can) but this would leave nothing and I am worried about starting a new life for me and my son (from a previous relationship).

Alternatively, could we split the IVA? Would this take into account who the debt belonged to in the first place? It was mostly his, however the house was his before I moved in.

I'm so confused. I can't face getting legal advice at this stage, and can't afford to anyway.

Any advice would be appreciated.

Hi HP231205, I'm sorry, I can't offer you any advice on what will happen with your IVA, but I just wanted to say how sorry I am about your marriage breakdown. There will be a way forward for you, and I'm sure Melanie or one of the other experts will be along to help you. Good luck for the future x

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Hi
Although you have a "joint" IVA they are actually each individual,so you need to speak with your IP as soon as possible and discuss your options.
There will be a way forward for you.
regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Hi there - so sorry to hear of your current difficulties. Hope things will seem a little clearer for you soon.

You can definately split the IVA's up, but if your husband refuses to honour his share of the contributions - based upon your individual disposable income calculations - then yours may fail. Get your IP to provide you with a separated IVA calculation, which will show you the contributions you will need to continue to make to provide your own creditors with the dividend they agreed to. If most of the debt is in your husband's name, then your contributions could be quite low.

Was the property included in the IVA proposal - by either a final year revaluation and equity raise or additional contributions? If you are going to sell the property now it may be possible to retain some of the money to rehouse you and your son, but a variation meeting will probably be required to be called by your IP to gain creditor agreement to revised proposals.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk