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My partner and i both have an IVA from the same address from debts we mounted up together, my IVA is a half the cost of hers, we may be parting company soon. I could possibly pay off my IVA and the second mortgage with help from my family. if i do this does it mean i still lose the property. The last thing i want is to be out on the street. If I lived alone my wage could easily cover the costs.

I think the best thing would be to speak to your IP as soon as you can to see what course of action to take and any consequenses, if any

Hi dean

Unfortunately this often happens with couples, and I am sorry to hear that you are thinking of separating.

You need to ask your IP to separate the arrangements, so that you can effect a settlement of yours in the manner you have suggested. Is your partner going to be moving out of the property? You will need to vary the terms of your arrangement, and your IP will need to call another creditors meeting, however this is usually a formality and I am sure that you will not encounter any difficuties in making another offer.

What effect will this have on your partner's IVA - will they be able to afford to continue their share of the IVA payments without your continued support?

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

Dean

I think this needs careful consideration. If you are able to settle your IVA but your partner's is still running, then they may still have a clause in their agreement demanding that they release equity from the jointly owned property. If your partner's agreement can not be varied to take out any such clause (which might be difficult) then down the line you might still be at risk of loosing the house.

You need to speak this through with your IP

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk