Marrage brake up

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stu1970

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Post by stu1970 » Wed Sep 23, 2020 9:10 am
Just after some help or advice please. I'm 4 years into my Iva with step change I have an house that is mortgage but its looks like my marriage is over and we are going to split up . ether my or my wife will move out . The Iva is just in my name only but the mortgage is in both names .
My head is all over the place right now so some help or advice would really help thank you
s marsh

Foggy

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Post by Foggy » Wed Sep 23, 2020 9:19 am
I would suggest a chat with Stepchange. Every case is different, but when my marriage broke down, mid way through our (interlocking) IVAs the first thing we did was to agree a short payment break 'while the dust settled'. Then we both did new I&Es, reflecting our new finances. These showed that neither of us could maintain the IVA payments any longer and we put forward a full and final based on payments to date --- basically telling creditors that we tried our best, but the marriage breakdown had beaten us and asking them to call it quits. They agreed!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

stu1970

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Post by stu1970 » Wed Sep 23, 2020 9:36 am
Would they force me to sell the house we still have 9years left on the mortgage ?
s marsh

Foggy

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Post by Foggy » Wed Sep 23, 2020 10:41 am
Stepchange will not 'force' you to sell the house, but that could come about in other ways ( divorce settlement, for instance). If you can keep paying the IVA you are most likely to get a 12 month extension in lieu of equity release, especially under the new covid guidelines (https://www.gov.uk/government/publicati ... a-protocol )
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

stu1970

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Post by stu1970 » Wed Sep 23, 2020 11:05 am
Wed Sep 23, 2020 10:41 amFoggy wrote:
Stepchange will not 'force' you to sell the house, but that could come about in other ways ( divorce settlement, for instance). If you can keep paying the IVA you are most likely to get a 12 month extension in lieu of equity release, especially under the new covid guidelines (https://www.gov.uk/government/publicati ... a-protocol )
12 month extension in lieu of equity release, ?
Sorry not sure what this means

thanks
s marsh

Foggy

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Post by Foggy » Wed Sep 23, 2020 12:03 pm
Wed Sep 23, 2020 11:05 amstu1970 wrote:
Wed Sep 23, 2020 10:41 amFoggy wrote:
Stepchange will not 'force' you to sell the house, but that could come about in other ways ( divorce settlement, for instance). If you can keep paying the IVA you are most likely to get a 12 month extension in lieu of equity release, especially under the new covid guidelines (https://www.gov.uk/government/publicati ... a-protocol )
12 month extension in lieu of equity release, ?
Sorry not sure what this means

thanks
The standard agreement is that, at month 54 of a 60 month agreement, you need to look at releasing equity from your home. In most cases this proves impossible and so, instead, creditors extend the IVA by 12 months.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

stu1970

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Post by stu1970 » Wed Sep 23, 2020 1:25 pm
Thank you for all the info Foggy

Can please ask you something els
if I need to rent a new property due to the barrage braking up is this posabel on a IVA ?
ill never pass a credit check will I ?

Thanks
s marsh

Foggy

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Post by Foggy » Wed Sep 23, 2020 1:41 pm
Wed Sep 23, 2020 1:25 pmstu1970 wrote:
Thank you for all the info Foggy

Can please ask you something els
if I need to rent a new property due to the barrage braking up is this posabel on a IVA ?
ill never pass a credit check will I ?

Thanks
Sometimes this can be overcome with a higher deposit or advance rent, but also by using a private landlord, rather than an agency.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

stu1970

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Post by stu1970 » Fri Sep 25, 2020 10:41 am
If my partner leaves the house and I'm left to pay all the bills with just my income do you think my IVA would be reduced ?
I think I would be Abel to manage on y own but it would be one hell of a struggle

Life at the moment is getting my down I really don't think I can go on much longer I just about to give up

kallis3

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Post by kallis3 » Fri Sep 25, 2020 11:06 am
As you are in an IVA you are unlikely to be able to remortgage. If your wife does leave you can ask for a reduction in your payments but you need to speak to your IP and keep them in the loop. They have discretion to lower your payments by 15% without going back to the creditors.
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

stu1970

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Post by stu1970 » Sun Sep 27, 2020 11:02 am
I'm cruuantly about to start my 5th year on my IVA in November I pay £318 pm I no I'm going to have the extra 6th years on the end of it has I have an house still mortgaged 9 years left on it
can I please ask what would be an good Full and Final offer if I could rase some funds ?

Thanks
s marsh

Foggy

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Post by Foggy » Sun Sep 27, 2020 12:04 pm
I is always difficult to guess what creditors would accept --- they are currently looking at getting a further £7.6k, so I would go for £6.5, maybe £6k, if it was available --- but, in the circumstances, they might accept even less ( or refuse even more ! ) .

As I said before, when my marriage went south and the ex ran off with a younger model, leaving me a single parent with sole charge of a then 6 year old, the creditors agreed to 'call it quits' and let the IVA shut down successfully, half way through --- We had, by then, almost hit the estimated dividend due to PPI and overtime paid in, which, no doubt helped. But it is an option that might be on the table and certainly worth looking at.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

stu1970

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Post by stu1970 » Sun Sep 27, 2020 7:04 pm
Thank you Foggy for all your information
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