Oh Deary Me!

[Beatbox]

Hi Everyone,

Hope you are all in the festive spirit

It's been a while and everything was going quite smoothly with our IVA until my wife and I have sadly seperated...

I have suffered some health problems during the past couple of years and have twice had to propose modifications which were accepted but most recently, following our separation, a proposal was made at a creditors meeting for a full and final settlement offer of 5p dividend. Following the meeting this week, the creditors declined the offer and have indicated that the IVA should fail!!!

I am now in limbo waiting for January when my IP is back in the office to discuss a way forward - possibly having to start a new IVA, having lost the two years payments already made.

We still own a home which is currently in significant negative equity, continuing to make joint repayments whilst we have tenants living there.

Anyone else would probably throw in the towel at this point and declare bankruptcy but I have a clause in my employment contract which specifically refers to bankruptcy being gross misconduct!!

I would greatly appreciate any advice - it's a real set back considering how much pain already endured over the past few years.

Do they really have to fail the IVA and start again from scratch?
Can we not just separate the original arrangement?

[debt tired]

Wow, I feel for you Beatbox. Yhis is the last thing you need on top opf everything else. What was the dividend due to be originally?

[TheArtist]

Seems like your having a terrible time Beatbox. Things will improve.

It is my view that, unfortunately, as you have seperated from your wife, you should be able to conduct your own IVA. Of course, this would leave your wife having to do her own as well.

Clearly, bankruptcy is not an option. So if you have to fail this IVA and start again, then I would seek out a particular IP, who posts on this forum, who has a superb reputation, who would take all of your circumstances into account. I'm not sure what happens to the payments you have made up to now, but presumably these will still be held by you current IP, in the form of a 'holding sum', until the dividend is paid, nearer the completion date. I dont think you would have lost this money per se.

[Shining]

Is it an interlocking IVA? I always believed they could be separated but I may be wrong.

[Foggy]

They can be separated, Lesley, but only if the IVAs can be supported by the debtors. It seems some IP's don't like doing this.

[wiggle1]

I really feel for you Beatbox. Maybe starting again with a new IP would be the answer.