I'm a year into my IVA, and unfortunately my wife and I have decided to split. All very amicable and friendly though.
The IVA is in both of our names, and now of course our expenses have increased as we are living seperately. So where do we now stand with the IVA? As, between us, our expenses have gone up, can we apply to have the monthly payment reduced?
You need to let your IP now ASAP....it may be possible for a variation meeting to be called and have the payments reduced. Is there any property with equity?
You will need to discuss this with your IP and submit separate income and expenditure accounts to see what effect your separation has on your ability to fund your IVA payments. If you are interlocking IVAs, these may need to be formally separated as well.
