www.iva.co.uk

Hi All
I am about 1 year into a 5 year IVA. Everything was going ok until my wife decided to leave me and now wants a divorce. She has told me to move out of our home for which I own 50%. With having to find a new place to live there is now way I can keep up with my IVA payments. My mother in law of all people wants me shot and is prepared to give me a lump sum in final settlement of the IVA so her daughter can be rid of me. We have two children and the stress is getting to me. What do I offer if I still owe around £19K. She says she will give me £10K. Is this enough and will it be accepted?

The amount left to pay includes a lot of fees but one of the notes in the final report is that the creditors are expecting a dividend of 20 pence in the pound. Would it make sence to offer this on what is left to pay or take the dividend expected over the total debt which would be less if the fees are not included.

Right now I do not know what to do but I would feel a lot better if I could settle the IVA as I know I will fail in making payments from about September. My wife also wants child maintenance which is something I am going to have to worry about later.

Hi Chris and welcome to the forum. I'm sorry to hear about the split. I would talk to your IP direct and tell him/her about the split and the consequence of having to find a new place to live and child maintenance payments which are to begin etc., S/he will be able to give case specific advice.

Sorry to read your bad news Chris - what a shock for you - hope you've got some supportive friends/family as well as all of us here when you need us.

I hope you manage to get everything sorted soon and get settled again. Hopefully your IP is one of the good dedicated ones who will get on the case for you and advise your next steps.

Best wishes,

What a sad story - especially to read how vindictive your wife's family are of you.

I appreciate that the children are your main concern, and rightly so, but take time to consider your future before making any rash decisions, and chat through the situation with your IP who ought to be able to give you good advice.

Your mother-in-law's offer may well be accepted, if it is the best you can offer under the circumstances, and if she wants rid of you that much suggest to her that it is a gift rather than a loan, and then if accepted you can make an absolute fresh start with no ongoing debts.

I'm sorry to hear about your problems Chris. I agree with the others that you need to speak to your IP and don't rush into any decisions.

Please keep posting, we're here to support you x