In dire need of help. All advice welcome.

[matty729]

im currently a year and a half into my iva with blair endersby with my wife. the total value is 17,000 but i am splitting up with my wife. How can the iva be resolved in such a situation? It is an amicable break up but i have become educated in ivas over the last year and have realised Blair endersby are not a good company to be with. Is there a way out of the iva? Should i try and change companies i have it with as they are less than useful on the phone? Have i been missold my iva as i keep receiving letters saying my debt is too small to be in an iva and the first year payments went only to the company not the creditors. sorry im new to this and in dire need of help. All advice welcome.

[CoverItAll]

Hi matty,

Hang in there and an Expert will be along soon with some advice.

[chardonnay]

Chin up Matty,
Sorry to hear you're splitting up, an expert will be able to help with your question. I'm with B & E and before the IVA was agreed they weren't confidence inspiring but now my IVA is up and running so far they've been ok with queriesover the phone.
Good luck,
C

[Lisa2009]

You cant change IVA companies im afraid.
If you and your wife are splitting up, is it still possible for you to both pay the contributions between you?
Its normal for the first payments to be used to pay the fees.

I suspect the letters you refer to are from the iva council?
This is a company that trawl the insolvency register for peoples details.
They send the same letters to everybody in the hope of "helping" you declare bankruptcy (for a fee of course)
If you search on the forum you will find lots of posts on that subject.

Sit down with your wife and work out if it can still be paid between you.

http://www.insolvency-service.co.uk/newipsearch.htm

If you follow that link, you can find a direct email address for your IP.
Send an email and outline any concerns you may have.

Hope that helps

[keh]

Hi Matty

When my partner and myself split up after 2 years into the iva (amicably i may add) our IP was more than happy to allow us to pay seperately as long as the amount was the same as we had been paying before.
As long as you both pay equal and on time then you should not have any problems

[Moneystinks]

Sorry to her you are splitting up with your wife. Hopefully everything re your IVA can be sorted too. X

[MelanieGiles]

As other posters have already mentioned, you cannot change companies easily and there should be no reason why your IVAs cannot continue even thought you and your wife separate. I am afraid that this sort of thing is quite common, but the majority of couples manage quite well to continue to service their commitments to their creditors.

I wonder why you feel you were mis-sold an IVA - and just to confirm professionally that you did fit the criteria for an IVA when it was initially taken out, so I would not take too much notice of the barrage of junk mail you appear to be getting as a result of your name appearing on the insolvency register.

[matty729]

Thanks for all the advice. I have binned the junk mail and read the information on the forums reference these. my wife and i have come to an arrangement but was wondering if my payments are increased by blair endersby, does my term of iva become shorter or is it still over five years

[Adam Davies]

Hi
It will still be over 5 years I'm afraid unless you return 100p dividend before the term is up
Regards

[matty729]

I only ask as the total my iva is for at the moment is all my debt and hasnt gone down at all except for the frozen interest. I would therefore end up paying more than originally borrowed if that makes sense. does that not get taken into account?

[MelanieGiles]

Sorry Matty - that does not actually make sense at all. Every time your IP makes a distribution to creditors the debt is reduced.

[matty729]

sorry what i mean is. I finished my first year and that was the iva fee. Now im three months into my second year my wages have gone up so my payments have gone up. My original payable debt was £17000 but on my current plan i pay 18500. With my payments going up i will pay more than that so where does that money go as the iva has recieved their fee or can they take more of a fee? They also told me if i made more payments like from a bonus it would cut my time of the iva down is that correct?

[Lisa2009]

The term of your IVA would be reduced if all the debts (original balances) and statuatory interest were paid in full before the 5 years was up

[Blair Endersby]

Matty
If the situation with your wife is making it difficult for you to maintain payments then please contact us to discuss all of your options. You can email at ip@blairendersby.co.uk.
As to increased payments as others have said until all debts and costs have been paid the original term will remain, but we can discuss this if you contact us.

[Viki.W]

Welcome to the forum Blair Endersby. [:)]