I entered into IVA in 2006 with my husband. We got divorced last year and IVA has failed due to him not putting in his contribution per month. IP is going to issue a Certificate of Termination. I now have new partner. If new partner pays off my debts - will I be debt free and will my credit history still be affected for years to come?
You need to speak to your IP and see if the IVA has actually been failed. If not your new partner could offer a full and final to your creditors and your husband's IVA could be failed alone. If the IVA has already failed you could propose another IVA based on a lump sum or you could try and negotiate settlements with your creditors.
Your credit file will likely be damaged for a further six years if the IVA has failed but will clear up in 2012 if it has not yet been failed and can be successfully completed now.
Your new partner could pay off your debts but they would now have to be paid in full.
Your credit rating will be shot still though. Usually for 6 years from the date of IVA acceptance. However, i assume now the IVA has failed that defaults will have started to be registered again so that leaves your credit file shot for 6 years from the date of the defaults
Thanks for this. I have no idea who or how much I owe (due to ex setting fire to my stuff) - do I contact the IP to find out, or wait til the creditors demands drop through the letter box?
Hi keely, as others suggest your first point of call will be your IP and hopefully once your position is clarified with him/her you can begin to move forward. All the best. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Thanks everyone - will make the call! The thing is, my new partner has savings and I am sure would help me out (we are getting married next year) and we will be looking to have a small mortgage in the future (he has property to sell) but don't want our lives blighted by my poor credit.
It ought to be a fairly simple exercise for your IP to separate your IVA from your husbands, and thus enable you to make the early offer of settlement from the generosity of your new partner.
Oh dear! Am even more confused now. Contacted the IVA people to advise of my change of circumstances etc and offered full and final offer for my part of the IVA. They have advised that it is NOT possible to split the IVA and if my partner pays and it is accepted, he will be paying for my ex husbands part too! Also, they are steering me into a fresh IVA in my own name. Can't stand the thought of going into another 5 year agreement etc. Advice please!
Speak to your IP as it is possible to split the IVAs. Which firm is giving this advice because if they have a representative on this forum it should be easy to resolve?
It is Grant Thornton - the person I just spoke to is Chris Haire who said that it was not possible to split the IVA - he said that I would have to apply for a variation order to continue the IVA. I know my new partner is generous but he certainly WONT want to pay for my ex husbands debts! He has arranged for a rep to call me on 21 March 2011 to discuss setting up a new IVA in my name - but I would much rather do the full and final offer route
Seems a strange load of advice - as far as i am aware the IVA are interlocked NOT joint, previous posters do not seem to have any issues splitting these when they separate.
Also surely if you start an NEW IVA - your credit worthiness will be short for another 6 years.
Thanks Ginger3232 - I thought so too based on Melanies advice (whom I have a lot of respect for) - I asked him a few times and each time I was told that it was not possible. I also explained why I did not want to pay off my ex husbands debts! From memory (as I posted previously, I have no idea what or whom I owe) I recall that I had a Barclaycard (around £3000) a store card (around £2000) and a joint loan for £15000 with my ex. The rest of the debt (around £33000) was in his name only. I really want to get this sorted out so I can move on with my life!
