We are splitting up : what should I do about iva?

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sarah_anne_b

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Post by sarah_anne_b » Tue Jan 30, 2007 9:56 am
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Hi, I am a unemplyed mum of two young children and entered a IVA with my husband a few months ago. The debts in my name come to £3000 and his come to £20000.

We are splitting up and I do not own any property and am about to move into council housing,where i will received benefits as single parent. my husband earns £42k, and this house is in his name which is no equity. We currently pay £225 per month which is based on all our income together including child benefit and child tax credit. Obviously if i leave these income will be for my children.

What should I do regarding IVA? What will happen to me?
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MelanieGiles

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Post by MelanieGiles » Tue Jan 30, 2007 11:47 am
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Hi sarah anne

Firstly you should inform you IP about your change of situation and seek their advice. I have been in this situation with clients on several occasions, and I usually try to split the IVA's up - assuming that yours is a mutual and interlocking arrangement in the first place.

Given that you are only paying a small IVA contribution, this may make the arrangements not viable to continue, ang given that you will both now be funding separate accomodation costs it is possible that this will completely wipe out your disposable income in any case.

You and your husband both now need to establish what your future income and expenditure is likely to be and then seek further advice as to the way forward from your IP. If you have no assets, bankruptcy may well be a bette option for you both, to put your debts behind you.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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freelili

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Post by freelili » Tue Jan 30, 2007 1:21 pm
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Hi Sarsh anne

I just wanted to say I am sorry about your situation wanted to wish you the best at this difficult time.

Keep posting, the support here may help you through and also others facing the same situation.

Good luck for the future

LILY
Last edited by freelili on Tue Jan 30, 2007 1:24 pm, edited 1 time in total.
LILY

http://freelili.blogs.iva.co.uk

I asked God for an answer, I have to live with his reply.
Exsisto an angelus quod planto quispiam sentio melior.
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Skippy

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Post by Skippy » Tue Jan 30, 2007 1:57 pm
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I Sarah Anne, I can't offer you any advice, but I just wanted to say good luck for the future

Three down, fifty seven to go until freedom!
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