Separated from wife so outgoings have increased but IVA remains same?

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Post by cal054 » Wed Jun 03, 2020 8:37 am

I have been in an IVA for 2 years, everything was going great, my wife and I have now separated and I don't know if we'll be getting back together or not, very unlikely!

I have just had my annual review and my contributions have increased to an acceptable and reasonable amount. I contacted my IVA firm as my circumstances have changed, my wife is no longer paying half towards rent, council tax, food etc and I have now agreed to pay cost towards my son. Trouble is my iva form aren't taking these into account and are still asking for an amout that is not achievable and don't really seem to believe me that my wife an I have sperated: is there anyway they can check or I can prove this to them? My incoming wage is 1494 & outgoings are 1442 which leaves roughly £51 but they are still asking for £145 a month.


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Post by cal054 » Wed Jun 03, 2020 8:41 am
Sorry its probably also worth mentioning that the IVA is in my name with my debts and has nothing to do with my wife.


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Post by Foggy » Wed Jun 03, 2020 10:58 am
£51 would not allow the IVA to continue as it would cost more to run than you are paying. A full review with the new expenses might well see the IVA failed due to insufficient disposable income.

Depending on all of the circumstances, you might be able to fail the IVA and convert to another solution like a DMP (Stepchange are good with these) or a DRO.

My wife and I seperated halfway through our IVA's ( we had one each) and the provider asked for no proof ... but we did a full review and both our arrangements were not viable -- we couldn't afford to pay . In our case, because of extra payments we made in the first 2 and a half years, and PPI refunds, the creditors agreed to conclude the IVA's based on payments made to date -- always worth a shot if all else fails ... if the IVA is going south anyway there is nothing to lose by asking.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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