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pj270606t

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Post by pj270606t » Mon Jul 26, 2010 3:23 am
Hi everyone,

I really need some advise please. My husband and I have an iva which is 'interlinked' was the term used by our ip. We make one payment from our joint bank account. We have been paying our iva for 5 months now, all payments have been made on time and everything is upto date. However unfortunatly my husband and I are now seperating. Does anyone know how this will effect our iva? When the iva started we had £29000 debt between us. We are currently paying £312 per month on the iva. I will be moving out of our house into a rented property with our 3 children and my husband will be staying in our house and paying the mortgage by himself. Although our iva is currently together I believe that about £21000 of the debt was in my name £7000 in my husbands and a joint account over draft of around £1500 was also included. Is it possible to have the iva seperated now so we pay seperately? I know you have to have at least £15000 of debt for an iva so does this mean my husband would have to go onto a dmp instead? Also how would the joint overdraft work? Would it be equally spilt between us? Of course this also means that our income and outgoings are going to change considerably. I have done my sums and I believe I could still manage to pay £150+ a month into my part of the iva. Do you think this is something that would be considered? My part of the debt included in our iva is about 2/3 we are currently paying just over £300 so 2/3 of that would be £200 so I guess I would be asking for a £50 a month decrease in my payments. Is this something that is acceptable? I am willing to increase the term of my iva if nessersary. I really don't want my iva to fail. I hope I am making sence here. Many Thanks x
 
 

kallis3

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Post by kallis3 » Mon Jul 26, 2010 7:47 am
Hi and welcome to the forum.

Sorry to hear that you and your husband are splitting up.

You do need to inform your IP of this and they should be able to split the IVA. You will both be liable for the joint overdraft, your husband might be better going on to a DMP as he has a low level of debt.

Speak to your IP.
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MelanieGiles

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Post by MelanieGiles » Mon Jul 26, 2010 8:34 am
Personally, if you can, I would try and keep the IVAs interlocking and perhaps then just get a lower payment agreed with creditors once you know what your new housing costs are likely to be. If you and your husband agree to this, there is no reason why you cannot individually continue to pay into the IVA.
Regards, Melanie Giles, Insolvency Practitioner
 
 

pj270606t

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Post by pj270606t » Mon Jul 26, 2010 10:16 am
Hi

Thank you all for your advise. We are with DFD I will give them a call and see what they say. Melanie, I do believe that my husband and I could still keep the iva interlocking, we are still on good terms. My husband is not used to dealing with money paying bills etc as for the last 10 years I have delt with everything bills wise. Therefore I think he will struggle at first to learn how to manage his finaces again, althought I plan to make this as simple as possible for him, I will arrange all of his direct debits to leave his account on the same day that his wages are paid into his account. Currently everything gets paid in and comes out of our joint account, including the iva payment. I am planning to let up husband keep our joint account as I have another account I can use. We also have a co-op account which we don't use perhaps we could set up the iva to come out of this account and have a standing order from our accounts to pay enough money in for the iva payment. Would this be ok or does the payment have to come from the same account that our wages etc go into? My only concern would be if we were to fall out in the furture and he stopped paying his part into the iva fund. He has expressed corcern about us not getting along if one of us were to meet someone else. For me certainly this would not happen anytime in the near furture but we still have 4 and half years left of our iva and this would worry me in the future. However for the forceeable furture I can't see any problems with continuing to pay the iva together as long as DFD are able to reduce the payments a little. Is it true that a Ip's can reduce payments by 15% without even contacting the creditors? Even 15% would reduce our payment by £46 per month which would take our payment down to £266 I think we could probably still manage that amount ok. Many Thanks
 
 

Declan at DebtFreeDirect

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Post by Declan at DebtFreeDirect » Mon Jul 26, 2010 10:23 am
Hi PJ and welcome to the forum.
Do let us know what is happening. I am sure we will be able to help you as best we can during this difficult time and any help or advice you need, just ask.

Thanks
Declan Murray
Debt Advisor
Debt Free Direct - the UK's largest IVA provider.
http://www.debtfreedirect.co.uk/iva/
 
 

MelanieGiles

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Post by MelanieGiles » Mon Jul 26, 2010 10:28 am
It sounds like a plan to me, and if you need to avail of the 15% then a chat with your IP ought to be able to sort that point out relatively easily.
Regards, Melanie Giles, Insolvency Practitioner
 
 

size5

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Post by size5 » Mon Jul 26, 2010 12:09 pm
One point here, is it possible that you can arrange for the d/d's to go out on the day after? I have seen on too many occasions banks bouncing d/d's even though the money is there to honour them on the basis that it is only paid in on the same day, a real nightmare scenario.

Just a thought.

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