I am going through divorce and had no settlement from my ex

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liz287
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by liz287 » Sun Sep 24, 2017 5:07 am
I am going through divorce and had no settlement from my ex he still has the house and everthing, I rent a house but have too many debts to try and keep on top of this has been going in for the past 9 months and is back in court in November how do I stand getting an iva as my debts are about £45,000 and I'm struggling to meet the minimum payment and my rent. Thank you
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kallis3
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by kallis3 » Sun Sep 24, 2017 7:52 am
Hi,

You need to speak to a couple of companies for advice and they will tell you if you are eligible for an IVA. We have a couple of firms who post on here and you can also contact the sponsors, Vincent Bond. Initial advice will be free.
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Foggy
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by Foggy » Sun Sep 24, 2017 8:47 am
I agree -- have a chat with a couple of firms to see how the land lies. I would suggest the smaller / medium firms where you will be treated as an individual, rather then the "IVA factories" where you will get little support once you have committed yourself. You will need to discuss the house at length as there will be the equity question to address and, here again, you will need a provider who can think outside the box.
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Michael Peoples
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by Michael Peoples » Mon Sep 25, 2017 8:50 am
You do need professional advice especially as there is a property and divorce settlement to factor in. An IVA may be an option depending on the size of the projected settlement but there are other options too.
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Lisa Thomas
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by Lisa Thomas » Mon Sep 25, 2017 1:41 pm
You need to know what's happening with the house to decide on a way forward.

E.g if he buys you out, you could use the funds to put forward an IVA proposal and avoid bky.

However depending on the figures if you are going to lose it all BKY may well be the best option for you anyway.

Hard to advise without knowing what is going to happen with house and more info.
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