I assume you are in a joint IVA and are both responsible for the IVA payments.
The first thing I would do is let your IP know you have separated then you will need to check that you can still afford to pay half the monthly payments, assuming your partner is still willing and able to pay the other half.
I am in a similar situation. My partner and I are in an interlocking IVA and have now separated. We cannot afford to continue with the payments set at the level agreed at our creditor's meeting in last year.
I'm being told by my IP that it's in our best interest to continue with a joint IVA rather than separate them, but clearly we could not afford to do this.
Is a variation meeting a possibilty? Continuing with an interloacking IVA but with reduced payment?
I'm finding the stress of the relationship split (we have two young children) and the financial pressures increasingly difficult to deal with. Any advice or examples of people who have gone through a separation with an interlocking iva would really be appreciated - I'm finding it difficult to believe there is any way out of this.
At the very least your IP will have the discretion to reduce payments to 15% below the originally agreed amount without asking the creditors ( any more will require a variation). It is possible to separate the IVA's but complicated (so the IP would prefer not to do it).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The I&E for the 2 of you will need re doing as well, when you were together the I&E applied to you both but now you both have your own expenses, council tax, gas, elec, food etc so this should be taken into account to give a reduced monthly payment.
Somersetlala - I think we have now spoken this evening and have found a way forward. Assuming that I have matched the right client to the right forum name that is!
