what would happen if...

[cat 1]

a joint iva/interlocking iva was being jeopodised by one person ie joint bank accounts the norm so access to all the money.One person taking more than they should?What if the couple were to split up because of finacial stress.What would happen to iva's then snd equity clause.Also, if early days, what would happen to the 24 month no change modification.Hope this makes sense.I'm just wondering how some stuff would pan out? Cat

[MelanieGiles]

Joint and interlocking IVAs can be separated - either with or without variation, so long as both parties continue to pay in their fair shares.

I would personally take no heed of the "no variations for first 24 months" clause if I needed to vary one of my arrangements. It is a silly variation which most insolvency lawyers say is hardly binding. Any variation would be put forward to request the removal of the clause, and I would be very suprised if any creditors objected to this greatly.

The equity would still be dealt with in line with the original terms, but if the property were to be sold as as result of the separation, then it might be sensbible to deal with the clause at an earlier stage than during the final year.

[cat 1]

thank you melanie. would renting be difficult in an iva thereafter?

[MelanieGiles]

Not necessarily - private landlords tend to credit check less than letting agencies, and in my experience if you are up front about your situation letting agencies can be quite helpful, but you may need to pay three months rent in advance.