This is a really difficult post to write so here goes.
I've recently had an allegation against me from the police and if convicted as I expect to be it may result in me going to prison, either way I expect to lose my job and will in all honesty probably have difficulty getting another and lose everything.I just need to know what will happen to my IVA?
The IVA is just mine but I am married with two children, I've just completed my first 12 months and in in the process of my 1st annual review. My wife and I have actually managed pretty well and we could for the first time since we can remember see some light at the end of the tunnel until this bolt from the blue!
The total debt I had was approx £43k and we've been paying back £515pcm plus some overtime up lifts so there's about £36k left. Our home was valued when I started the IVA process at £160k with currently £120k left on the mortgage, I know we will have to sell up, so would my wife get half of any profit?
We are both absolutely devastated by this turn of events when things were going so well, and I have no where to turn to can anyone please help!
So sorry to hear of your predicament AJB. I have no idea of the answer but just thought that I would post to offer some support. I am sure someone will be along shortly who might be able to advise you. I do hope you get things sorted, especially if you didn't do what the police think you did!
Take what life throws at you and hold your head up high. You're only human after all!!!
In the circumstances I think the IVA is the last thing to be worrying about. Worst case scenario time,you stop paying the IVA,and are forced into bankruptcy,your wife would still be entitled to half of any equity,as long as all the debts are yours alone.
Probably best to have a frank discussion with your IP directly(not a member of the call centre staff etc etc,but your IP themselves given the nature of the issues you are about to have).
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
You should speak to your IP because you need to defend yourself from the allegations and your money may be better sent on a solicitor. You could get a payment break while you fight your corner and if you clear your name the IVA could restart.