I've got a problem, what will happen to the IVA?

[lisaw]

I've got a problem, I took out a joint IVA with my husband at the start of the year but unfortunately we have now split up. We will have to sell the house at some point as we cannot stand living together but neither of us can afford to move out. What will happen to the IVA?

[Adam Davies]

Hi
Speak with your IP as soon as possible.
You will each have your own IVA but they are probabaly interlocking.It could be that your IP will be able to run them on an individual basis.
Regards

[MelanieGiles]

Is there any equity in the property?

[lisaw]

Is there any equity in the property?

I think to be honest we're in negative equity at the minute.

[Adam Davies]

Hi
May pay you each to consider bankruptcy so that you can move on with your lives.
Regards

[MelanieGiles]

I would get your IP to confirm whether separating the IVAs is viable. You will need to bear in mind that if you are going to be living separately, then your accomodation and living costs will be higher, which will eat into the disposable income you are currently paying jointly in the arrangements.

Andy's suggestion to also consider bankruptcy proceedings is certainly sensible.