My husband and I have applied for an iva,

[charliebarley]

My husband and I have applied for an iva, and we've been told it looks favourable. But, we are also on the verge of separating. Should we tell the people who are sorting the iva for us, or try and wait until it has been accepted until we make any decisions? I'm just aware that the budget we've submitted will change if we separate (though we're both happy to continue to make the repayments together).

[David Mond]

You must tell your provider that you are separating as you will both have different financial obligations and various changes that could possibly affect your IVA's

[kallis3]

Sorry to hear that you are seperating.

I agree that you need to let your IP know, your proposals may need to be changed.

[luluj]

let them know now as it will mean different level of expenses for both of you. Also once approved, it may be difficult to have it changed and creditors may not allow any variations for two years !

[MelanieGiles]

So sorry to hear your news - it must be a very stressful time for you both all round.

Do you feel that IVAs are still a viable option after you have separated, taking into account the additional living expenses you will both incur if you are going to live separately? And do you have any joint debts?

[charliebarley]

So sorry to hear your news - it must be a very stressful time for you both all round.

Do you feel that IVAs are still a viable option after you have separated, taking into account the additional living expenses you will both incur if you are going to live separately? And do you have any joint debts?

We only have one joint loan for about £22,000.
My husband has about £4000 of debt himself, a loan and overdraft, but everything else is in my name - credit cards, store cards and overdraft - about £13,000 in all. So, although it was accumulated jointly, the bulk of the debt is in my name. Because we live with my inlaws and I have no idea how much I would need to budget for living expenses by myself until I actually move out with the children. It coiuld take a few months to actually do that. I'm prepared to apply for an iva separately but I'm just so worried about the amount of time it will take to apply again. We were told to stop all our direct debits in January this year and we're already getting letters and phone calls. We're making token payments, but i don't want to get in a worse situation. Help!

[MelanieGiles]

You might be better off considering a short-term DMP until you are settled and can readjust to your new financial situations. As there is undoubtedly a lot of stress relating to your situation at the moment, it would bring peace of mind that at least your creditors were getting paid something, and that a third party is acting on your behalf.

Personally, I do not feel that it is right for you to enter into a fairly rigid repayment plan at this stage, but take advice from your own IP on this point.

[David Mond]

I agree with Melanie and a short term DMP would be appropriate whilst matters are sorted out and you know what your income any maintenance and outgoings will be. Talk to an IP that also does DMP's - visit www.iva.com for reviews on those that do. Good luck.

[kallis3]

I agree, and I hope that everything works out for you.

Let us know how you are getting on.

[charliebarley]

I agree, and I hope that everything works out for you.

Let us know how you are getting on.

Thank you all. I spoke to the company that's dealing with our IVA and now I'm thinking that bankruptcy is the quickest, cleanest option for us. I know it is a big jump, but I'm going to start divorce proceedings and I want to cut all financial ties as quickly as possible. We not agreed anything yet, so we're going to talk it over, but I really just want a fresh start.I don't know what you guys think, but any comments are appreciated!

[Michael Peoples]

Hi Charley. It is certainly not necessary to make a snap decision as creditors cannot do much for a few months even if you do not pay them anything. I am sorry to hear about the impending separation but wonder if the stress of the debts has been a factor. I agree that a temporary DMP could be the best option until you are both certain about the way forward.

[kallis3]

I agree with Michael that you should think this through thoroughly before making any decisions.

This is a big life changing moment for you both, and you don't want to do something that you might regret later on.

[David Mond]

You don't need to rush but delay might incur you receiving endless phone calls and threatening letters.

[kallis3]

Good luck for the future charliebarley.