www.iva.co.uk

Hi every one havent been on to the forum for quite a while,been really busy.
We have now completed our 2nd year of our joint iva in september but are just waitng to receive details back.
The last feew years have really been a struggle for me & my husband (he works away down south & i live in our home up north)We havent spent much time together what with living apart & it is fair to say we started to live different lives.Weve split up on more occasions than we have been together.
We have decided to try & make our marriage work but they only we we can do this is become a proper family again & live under the same roof all the time.
We would like to rent our property out to a family member & move back in to married quarters.From our calculations our income & expenditure would be exactly the same & we wouldnt be receiving any extra money re the rent.What we recieve will soley be to pay the mortgage payment every month.
Does any one have any ideas how all this may effect our iva?ie would another creditors meeting have to be made & if so is this likely to be accepted?
To be honest if not then im strongly considering BR becasue i cant let money issues rule my life any more & ruin 6 years of marriage(in respect of me n my husband having to live apart.)
Sorry for the rant...deep down i know we did get our selves in to this situation in the first place : (
thanks for reading

Hi Poppy, sorry I can't advise you about renting the house out as I really don't know the answers. I just wanted to say that I think you should do what is right for you and your husband - your marriage is so much more important than your debts.

Good luck with whatever you decide to do, I really hope it all works out for you x

When I started my IVA I was living with my sister and renting out my property as I couldn't afford to live in it myself. My flat was rented out (to my other sister) to clear the mortgage only and has never made any profit.

I then moved from my sister's to rent a bedsit close to work and have a bit of space of my own. My IP was fine with this as my income and expenditure remained the same.

I am now living in my flat as I have married and it is affordable between two. However on paper, my income and expenditure are still the same. My IP told me that as it is my flat and the mortgage and bills etc are all in my name, he only has my say-so on what proportions my husband pays. It is pretty much 50-50 but with rising costs etc, my income and expenditure for my IVA haven't changed since day 1 (2 years ago).

So, in my experience living arrangements don't affect the IVA and don't result in another creditors meeting. I think it would only be necessary if the move (and renting out your place) gave you additional income - this would then be expected to be paid to your creditors. I expect to increase my IVA payments in future as a result of my husband clearing his debts and the 2 of us having more disposable income. I also wish to make additional payments to give a clear signal to creditors that I am sticking to my end of the bargain, and I am taking responsibility for the debt and paying what I can.

Hope this helps, though not conclusive, it's always a case you could mention to your IP when you discuss your situation.

I'll reiterate Skippy's comments: I doubt that your property is worth hanging on to at the expense of your marriage! My husband and our relationship is more important than the flat we live in. Put yourselves first.

If you are in negative equity and have nothing to release from your property, bankruptcy might be the least painful solution to your money problems.

Hi Poppy - I guess your husband is in the forces?

Your move ought not to affect the IVA at all if it is not going to affect your income and expenditure, but do advise your IP of your change of address for correspondence purposes.

I wish you all the best with the move back into quarters. As an ex-Army brat, and later wife, I really miss those magnolia walls, itchy carpets and rock hard sofas!!

I am sure that once you are back together as a family things will seem far brighter. And at the end of the day that is worth far more than anything. Do make sure that under the terms of your mortgage you are allowed to take in a tenant.

Thanks for the responses.
Yes my husband is in the forces.Oh yes the magnolia walls LOL.
I have rented out my property once before so think im kind of on the right path.
Thanks all again

Hi Melanie

I find your comment about making sure you can take a tenant on quite interesting. My landlords mortgage company doesnt know he is renting this place out. He told us this a while back....Is he in breach of something by not notifying the mortage company?

Possibly - but then that is his problem and not yours.