My partner and I are 3 years into a 6 year conjoining IVA's with a clause to release the equity in the last year in our property (currently neg equity). Its likely that we are split up. Its all very amicable at the moment with me staying into the house until the IVA is completed and then we can try and sell it.
We currently pay £700 between us. I have done my budget after mortgage and bills and everything included I can possible do £300 to my IVA. I won't know until he gets himself somewhere to live what his budget will be. The kids are staying with me.
How do we go about seperating our IVA's? Will thre have to be a meeting and votes or would the simplest option be for me to pay all the mortgage/bills and let him continue with the £700 IVA instalment?
IVA completed September 2014. Finaly debt free - final dividend 88p/£
You'll obviously have to inform your IP of the change in circumstances. You won't know how much he can pay so it's probably best to wait until all the figures have been worked out. Not sure if there is a meeting or not or whether it just splits.
Sorry to hear that you are splitting up but good to see that it's amicable.
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 - you will need to let your IP know once he has sorted himself a place to live. It should be fairly straightforward to split the ivas, particularly as you are able to continue making payments. I'm glad to hear you're still on good terms xx
