I'm in an iva jointly with my husband. Things are really bad between us and the only reason I am still there with the children us because of the iva. We are half way through but neither of us could afford to pay the mortgage for the house on our own. What choices do I have regarding the property and iva?
An iva is certainly no reason to stay together. Is there equity in the property? Life doesn't get put on hold for 5 or 6 years so talk to your case manager about your options.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
You could surrender the property and enter any shortfall into the IVA. If it is then cheaper to rent you may be able to continue on the IVAs as the IP would need to separate them. As Paul says speak to your IP who will have seen this on a number of occasions.
Hi indeep I am sorry to read your post and the difficulties you are having. I agree with Paul it would be awful for you to have to stay together solely to complete the IVA. Speak to your IP asap so that they can assess your individual situations and see what can be done. If you cannot afford the mortgage on your own does that mean you would not be able to afford individual rent bills either? It may mean that the IVAs need to fail but this would be a last resort if a variation could not be agreed on. If you are half way through and bankruptcy would have no more of an adverse effect on you, you could consider this and you would only have to pay a further 6 months or so on an income payment order (if you had disposable income over £20 which would be payable to the court for 3 years). My concern though outside of the debts would be how you would support your normal living costs - tax credits may be increased depending on your own level of employment income. Please do speak to your IP and hopefuly they are supportive and will work with you both asap to find a satisfactory way forward. Please keep us posted how you get on and we are here for you if you need support.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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Really sorry to hear of your difficulties at home. Your IP will need to look at this with you and discuss the options - staying together for the balance of your IVA is not going to do either of you any good or your children and may cause more stresses than needed. It is going to be difficult going forward and working through this but please be assured your friends here on the forum will be here to help, support and answer your questions when you need us to be. Good luck
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There are lots of choices for you and your IP will help you work out which one suits your new situation if you decide to separate. You have to put yourself first...what's good for you is good for the kids!! I don't mean to pry, but debt can cause rifts in relationships and if this is the case for you it would be a shame for your relationship to suffer for the iva. x
