My partner and I are going our separate ways and I'm somewhat confused as to how to approach the financial side of things. I am 6 months into a 60 month IVA (in my name), we have a mortgage, secure loan and no equity in our property. We have two children and so the CSA will become involved sooner or later. I have no idea what to do first...talk to my IP, mortgae lender etc. I am living with relatives but this isn't sustainable or practicle in the long term so obviously I would have to take some kind of rent into account on any income and expenditure for my IP. It is possible (with what I estimate CSA will want from me, increase in my ex-partners working family tax credit, reductions in council tax etc)that my ex may be able to afford to stay on in our house. If not, how do we go on selling the proeprty if the capital won't clear our mortgage and secured loan? In any case, I still couldn't afford to rent anywhere, live, get to work etc if I maintained the current payment level to my IP. How do I go about renegotiating, and how does the fact there are so many unknowns in my I&E given that I don't know what my exact outgoings in terms of rent, bills etc if I set up on my own. Any help you could offer would be great.[:(]
Sorry to hear about your problems. You do need to speak to your IP about this as it could have a big impact upon your IVA payments.
It maybe that you can take a payment break while you sort yourself out especially as you need to sort out income from HMRC.
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
The only person who can truly give you specific advice as to your options is your own IP, who will know your case well and understand the challenges you are facing. Give them a call as soon as you can - even if just to arrange for a short payment break.