I'm halfway with IVA payments, just returned to work after 9 months off maternity leave. Now my husband and I seperated as our marriage is not working. Husband going to keep the house and I'm signing the deeds over to him as he's been paying all the mortgage over the last 4 years. I get the house contents. I'll be relocation back to my homeland to be with my family for support. Then I'll be on benefits and housed with council. Will i have to continue with IVA or have to be bankrupt? I don't want my ex husband involved with my debts as it's in my own maiden name before I got married
These are serious changes of circumstances and you will need to speak to your IP. You cannot sign over your assets while in an IVA but a variation may be possible to sever the IVAs or let your husband continue making the payments in return for the assets.
I've spoken to my IP, regarding the house. I have to provide mortgage statement and write a letter to IP of what i'm proposal for my IVA and my husband to get the house. What will happen after they have look into and suggesting next?
It may depend on how much equity in the property. The IVAs could be severred and yours closed down or they could continue on. Your IP should be able to provide clarification.
Are you going to be able to afford your IVA payments, once you have relocated Jadey. If not, how much are you currently paying and how much do you feel you would afford to pay? It may be possible to save the IVA through variation, but you are better off speaking to your own IP about the specifics and possibilities of this.
Best of luck with that Jadey - even if you cannot afford the contractual level of payments, then it is entirely possible to put forward a variation to reduce the payments to a more affordable level given your change of circumstances.
