Hi all, Just joined up. Thought this would be the best place for advice on my IVA. Its with Grant thornton and was agreed in Nov 2009. I had 36k of debt kindly stuck in my name from my previous marriage. Ex wife still resides in my house too but thats another story.
I want to know if i can change the monthly payment with GT, if i wanted to rent a flat with my girlfriend. Im in a long distance relationship with a girl from scotland, and we are trying to make plansd for the future. Problem is my IVA keeps coming up as a subject because i have very little left to live on after i pay the CSA (son by my first wife), rent to my parents, and then the IVA payment of £636 pcm. I am worried if i try and ask GT to change to payment they will refuse. I am also concerned that because I have an RX1 in place covering the former matriminial home, GT are going to ask me to extend my IVA for an extra year just before my plan ends. My ex wife resides in the house with her boyfriend, her disabled son and her mother. They are getting the full mortgage paid for them by the government. Zero equity right now as i only bought the house with her in 2007 and it has a secured loan too! I think its a tad unfair that GT know im out of a divorce, and in my circumstances im never going to release equity from a property i no longer live in, or pay towards. Remortgage with an ex wife!!!(Im stuck with my name on the house as security you see). RX1 will stop any transfer of the house to her name, although god knows how she could do that anyway.
Sorry to ramble on..anyway..my main query is about changing the payments and how much you could vary them too...i mean my payment is £636, how much would they change it too if i wanted to move out of mum and dads and have a life again?? They told me i am allowed 15% amendment but its only for emergencies!?! Am i not allowed to have a life in my IVA? I have morals and will pay this back BUT id like to move out of my parents and rent..i will be alsmot 40 by the time this is supposedly over...
Any advice gratefully recieved.
There has to be a balance Geoff in you leading the life you want to lead, and the creditors getting paid the amounts they agreed to accept. Is the IVA really so important to you, or would bankruptcy give you that very needed fresh start to set you on your way to debt freedom perhaps a little earlier? Definately worth having a chat with your IP to see what they say.
Hi and thanks for your replies. When i mention the option of bankruptcy with GT they say they cannot advise or help with it. They refer me to the citizens advice bureau. Because my name is linked to the former matrimonial house if i go bankrupt i think it will be sold right? Also, dont you end up paying at least 3 years worth of payments? Who would i speak to who could give me the correct advice on this? I noticed that GT fees to administering the IVA are about 2k a year. I just would like to be able to rent in the near future, and with my IVA seems its not an option until im 40
Sorry but forgot to add another concern. If i apply for a variation order GT have said i will need to confirm my extra outgoings. Because of the situation (girlfriend living in scotland and wanting to relocate), how can i check to even see if its possible, or that this would be accepted? There is no point in us making plans to move in together and then GT holding a variation meeting which gets denied?
Problems, problems. Assume i cannot request a variation on my payment based on what im going to do say 2 to 3 months down the line?
Its stalemate for me right now...im just trying to work out a way to make this all happen..
That is pretty suprising that a leading IP firm cannot give you any advice about bankruptcy. Are you sure this is what they said? And why not have a chat with your IP directly about this?
I appreciate that the variation is a bit "chicken and egg" but you will have to give your new expenditure a best stab as the IP does need to have something to go on. Surely your girlfriend has some idea of living costs locally?