www.iva.co.uk

I have been in my IVA for 18 months, I have been with my partner for the last 10 years but are now on the brink of splitting up. The house we currently live in he owns so it would mean me moving out and finding somewhere new. There is no way I could keep up my current IVA payment - my question is can my IVA payment be lowered or is the only route to declare myself bankrupt [:(]

Hi,

Sorry to hear your news. You need to speak to your IP about this. They can lower the payments by up to 15% without asking your creditors, otherwise there will have to be a variation meeting.

Hi there
The first and most important thing to do is speak to your IP and advise him / her of what is happening. Once they are aware they will be able to assess the situation in terms of how it will effect your IVA and will advise you on what will happen. Bankruptcy is the last resort and I’m sure your IP will do everything possible to avoid this happening.
Thanks

hi Sugababe and sorry to hear that you're splitting with your partner. I would initially talk to your IP to discuss all the options and hopefully a course of action can be found for your situation. Payments by variation can happen, is there a reason that BR is not suitable for you?

What a rotten time for you - the least thing you need to be doing right now is worrying about your IVA payments. I suggest that you sort yourself out with somewhere to live first, and then see what effect this has on your disposable income. In the meantime ask your IP for a month or two payment break so that you can sort yourself out and perhaps find somewhere to rent on your own.

If the IVA fails it won't be the end of the word. and at least you will have tried your best.

Thank you for all your advice, just a very worrying time and feeling very sad about the breakup - will keep you all updated on my situation soon [:)]