www.iva.co.uk

Hi,
We am nearing the end of year 3 of our IVA, we pay £300 p/m and from a total of approx £36k initial debt.
Our marriage is seriously on the rocks, under normal circumstances normal couples would divorce/seperate. What are the implications of doing this? I would guess we have max £20k equity in the house.
Would it be best to stay together until the IVA is completed or is there a pay off early situation available.
What would be best to do? and what would be the likely financial implications of all our options.
many thanks in advance for you help

You can still continue to pay the IVA if you have separated - just continue to make separate payments to the equivalent of £300 of you can afford to. Alternatively, your IP can completely separate the arrangements so that you just make individual contribuitions - but I would not usually recommend this course of action, as one party usually ends up being prejudiced at the expense of the other.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi j.rs

If you did want to seperate and sell your property you could try to vary the terms of your IVAs by offering the £20k equity in full and final settlement and end the IVAs early. This would require approval at a meeting of creditors.

I recommend that you speak to your IP as soon as possible and go through the options. Your IP will have a good idea of what will be acceptable to your creditors and try to find the best solution for you and your other half.

Hope this helps

Jane Finch
Insolvency Practitioner

AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com