www.iva.co.uk

We are 15 months into our iva and are constantly using my overtime to live on. consequently we are behind with paying the 50% extra over. Its not like we ever go out or do anything its just that the extra is needed to live on. Weve been married 23 years but i think this is going to be the last as the finances are making us so miserable. When we split up will our interlocking ivas become seperate, can one of us go bankrupt.
Dont quite know where to start.
cheers

Sorry to hear you are having such problems Marky.

Speak to your IP as it sounds as though your I&E may be set too high.

If you split up then they can be seperated. If one or both of you want to go bankrupt then you would have to let the IVA fail first.

See if you can sort things with your IP first.

It is certainly worth going back to your IP for a review as it is in no one's interest for the IVA or your marriage to fail. It may be possible to have your IVA payments reduced to a more affordable level and even have the arrears forgiven.

Do not give up without speaking to your IP who I am sure will try and do their best for you.

the trouble seems that on paper things should be ok but were just not getting by.
thanks for your comments.

Hi - I can only agree with the others. Speak to your IP about reducing your payments - they do have discetion to reduce payments to 15% below the original monthly payment (if they agree a reduction is needed).

If you are able to continue with the iva, your IP will also be able to make arrangements for repaying the arrears. Probably by tacking them on to the end of the term.

I hope you can loosen your belt a bit and take some of the pressure off. If money is the only problem in your marriage, would br be an option for you both? It's over quicker and the payments may be slightly lower. The downside being that if you own a property it may be at risk.

Hi there
there is a small amount of equity in the house but not enough to clear the debts. Dont think id ever buy a house again given the choice.

Have you been able to adjust to a frugal lifestyle? If you have and you are still not getting by, then your allowances may be on the tight side. If you are trying to live a 'normal' life on an iva budget then it will be very difficult.

I wouldnt say were trying to live a normal life, holidays etc are long gone but need to have another look at things.

Perhaps you both need to sit down and go through your I&E. You should be able to live a little in IVA even if it's only the occasional takeaway.

Once you've done that then speak to your IP. Hopefully they can help. It would be awful if your marriage were to fail now after all this time.

I think your right kallis but even if we split we still have to sort the finances out, its just not going to go away.
There are always people worse off.[:D]

I rather think you are one of the more worse off at the moment. This must be an awful time for you both and I hope you manage to get it sorted and stay together.

You could post your allowances for comment - everyone's are slightly different but you can get some feedback on whether they are in the right ballpark or on the low side. Also let us know what you would like for each of the allowances and one of the experts can suggest whether an ip might go for this.

im going to scruitinise things once more and see if im missing anything, thanks for your kind words kallis.

I'm thinking of you both Marky.

Hope to read a positive post from you soon.

Sorry to hear you're having such a bad time Marky. I hope you can work this out as your marriage is the important thing here.

Good luck, I hope things work out for you x