From a joint IVA to a split single IVA

Get expert opinion. This is the place for new questions to be posted.
12 posts Page 1 of 1
 
 

jab63uk

User avatar
Posts: 13
Joined: Tue Sep 07, 2010 7:23 pm
Location:

Post by jab63uk » Tue Sep 07, 2010 7:28 pm
Hi. I have been in an IVA now for approx 24 months.
When my wife and I decided to take out an IVA we where living together we have now split up and been living apart for approx 12 months.
I would like to know if we can split the join IVA to a single one so I dont have to communicate with her as things are not good with our relationship, what would I do.
can some one please advise ???
 
 

kallis3

User avatar
Forum Expert
Posts: 76947
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Sep 07, 2010 7:33 pm
Hi and welcome to the forum.

Sorry about your marriage breakup. You need to have a word with your IP to see about having the IVAs split. You should be able to do it as long as you can both afford the payments.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

jab63uk

User avatar
Posts: 13
Joined: Tue Sep 07, 2010 7:23 pm
Location:

Post by jab63uk » Tue Sep 07, 2010 7:42 pm
We are currently paying £340 ,£170 each a month would the payment change much from this because I couldnt afford any more, mow that we have split I still have to pay half the interest only on the mortgage thats another £160 and so on and so on
Last edited by jab63uk on Tue Sep 07, 2010 7:43 pm, edited 1 time in total.
 
 

Tina Shortland

User avatar
Posts: 2950
Joined: Tue Jan 05, 2010 11:30 am
Location:

Post by Tina Shortland » Tue Sep 07, 2010 7:44 pm
Hi jab63uk - I too am sorry to hear about your breakup and the fact it has got to this stage. As Jan says speak to your IP asap. They can work out if there is enough in the joint disposable income to offer an IVA on your own after taking into account any changes in your own expenditure.

I hope you get things resolved asap.

Best wishes,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com

If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
 
 

jab63uk

User avatar
Posts: 13
Joined: Tue Sep 07, 2010 7:23 pm
Location:

Post by jab63uk » Tue Sep 07, 2010 7:48 pm
I actually have lots more issues.
I am under the doctor regarding deppresion and seeing a councilor due to this the whole situation is affecting my health both mentally and physically and dont know what to do .
 
 

kallis3

User avatar
Forum Expert
Posts: 76947
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Sep 07, 2010 7:49 pm
It's something you need to discuss with your IP. You'll need to fill out a new income and expenditure to sort out payments.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Tina Shortland

User avatar
Posts: 2950
Joined: Tue Jan 05, 2010 11:30 am
Location:

Post by Tina Shortland » Tue Sep 07, 2010 7:55 pm
You are having a rough ride - I hope you have people around you to support you through this - if not, we are all here for you.

Have you considered bankruptcy as another potential solution - you need to work out how much you can realistically afford - if that means an IVA may now be too tight then, as long as you will not be adversely affected with your job etc, you could look at this as it may take the pressure off for the next 3 years.

Again though, it is only your own IP who can really advise you specifically as they have all the details of your case.

I hope the counselling is going well - sometimes when things get even rougher people bail out of the sessions as its all too hard but that is really the time you need to go more than ever.

Use the support around you and let us know how you get on with your IP.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com

If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
 
 

jab63uk

User avatar
Posts: 13
Joined: Tue Sep 07, 2010 7:23 pm
Location:

Post by jab63uk » Tue Sep 07, 2010 8:06 pm
If I decided to consider bankrupcy what will happen . will My job be safe will I loose my car . what actually happens, is it an easier and quicker way out, how will it take the pressure off me for the next 3 years
 
 

kallis3

User avatar
Forum Expert
Posts: 76947
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Sep 07, 2010 8:18 pm
Depends on what your job is and how much your car is worth.
It is quicker, you may have to make payments for three years if your disposable income is more than £99 after priority debts have been paid.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Shining

User avatar
Posts: 27019
Joined: Thu Sep 20, 2007 8:57 am
Location:

Post by Shining » Tue Sep 07, 2010 10:02 pm
http://www.insolvency.gov.uk/

Have you looked here? Might point you in the right direction and answer some of your questions.

I don't know much about bankruptcy but know Skippy and Julie do and may be able to assist you a little later x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

joanna144

User avatar
Posts: 39
Joined: Tue Aug 17, 2010 6:59 am
Location: United Kingdom

Post by joanna144 » Wed Sep 08, 2010 7:11 am
I feel for you. My partner and I split 3 years 6 months into the IVA. Because I am the main money earner I have been told to continue it. He has never contributed to it. Conselling for me advised that the split is necessary but no-one has helped with the IVA. My son and I have eaten supermarket 14p spaghetti and 24p beans and sausages for 3 days a week for the last 6 months. It is a struggle now and I am beginning to think bankruptcy might be the answer. Just so I can split our affairs now. Like you I cannot communicate with him as all he says is I have no money.
 
 

Tina Shortland

User avatar
Posts: 2950
Joined: Tue Jan 05, 2010 11:30 am
Location:

Post by Tina Shortland » Wed Sep 08, 2010 9:44 am
Bankruptcy is a serious decision to take but if you are struggling to maintain payments or your situation has changed such that an IVA may no longer be a sustainable option then it may be the way to go.

As Jan say, you may end up with an Income Payment Order for 3 years depending on what disposable income is calculated for you.

Firstly, you mentioned a mortgage so you own a property - what is to happen to that and is there any equity in the property as the Official Receiver would want your share either by selling the property or your wife buying you out.

You need to check your contract of employment and employee handbook (many of which are part of your contract) to see if BR would affect your employment in any way.

If your car is worth more than £2k then the Official Recevier may want it sold for a cheaper one and the difference put towards your BR but this is case dependant on will be down to your OR based on the justifications you give for need of car.

The BR will be on your credit record for 6 years from the start so your credit record will be adversely affected for longer than if you stayed in your IVA (as it would only be on for a further 4 years) but this should be your least concern at the moment.

The BR will last for 12 months but you could get discharged early depending on how things go.

Hopefully this has given you some more info but as I've said before you must speak to your IP asap to discuss all this with them so they can re-assess you and advise you what to do next so that you can get something in place.

Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com

If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
12 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”