Unfortunately my wife and I are parting company and I'd like some advice on how to proceed in general and my iva in particular. I'm in the iva solely though obviously our joint wages are taken into account. We have a mortgage and secured loan. I'm not sure about anything money wise really. I'm living with my parents at the moment though this isn't sustainable. We have two kids so at some point the csa will become involved. I really don't know what to do first..advice from solicitor, speak to my IP etc. Any advice tou can give would be appreciated.
Sorry to hear about your split. You do need to speak to your IP though about this.
What is going to happen as regards the house?
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
Hi - I am no expert but it would seem that you need to contact your IP with a view to organising a variation to reflect your new circumstances. How lomg have you been in the IVA as this affects how the creditors look upon a variation
We had two variations during our IVA due to changed circumstances - so they will listen as loing as you are been honest and up front. The point being that it is in nobodys interests least of all theirs for the IVA to fail!
hope this helps and best wishes to you - this must be very stressful
Another sad tale of marriage breakdown - there have been so many similar tales on the forum this week, and my heart goes out to all of you at such a difficult time.
Being realistic Danny, it may be very unlikely that the IVA can survive moving forward, as presumably you will have to fund somewhere to live and child maintenance, without the financial support of your wife. There is no need to knee-jerk however - arrange a short payment break with your IP and sort out your personal situation, coming back to the debts when things have settled down.
Prioritise those two little ones, who will be confused as to why Mummy and Daddy do not want to live together any more. I've personal experience of this, but know that kids can be very resiliant at a young age - and will soon see that they get double spoiling from Mum and Dad which will be a big compensation.
We are here on the forum at all times of the day to provide support and advice - so don't be a stranger and I hope things work out for you in due course.
hi Danny, sorry to hear about the split. my partner and i split 2 year two years ago and the iva was in my sole name. we had a joint mortgage so i spoke to my IP, which you, as others have said, will need to do. i informed them what had happened and they asked if my name would be coming off the mortgage - when i said yes, all they requested was a valuation of the house to establish if it was in negative equity, which is was and also a solicitors letter confirming that i had no further interest in the property. it was all very dificult at first but it all got sorted. i now live in rented accommodation. what this obviously meant was that i would not be able to provide a remortage at month 54. my IP was very good with me throughout all this and i could not stress the importance of speaking to them asap!
