Hello I am hoping for some advice. My husband and I have been in separate IVA's since Nov 09. Due to a decrease in his wages we cannot keep up both payments. He pays £658 per month and I pay £465. He wants to stop paying his IVA and go bankrupt. We did feel out a new I & E and spoke to our IP in Apr/May but they said payments had to remain the same due to only just starting the IVA. Could anyone tell me if my IVA would be affected at all if he goes bankrupt? We have a joint loan which is included in both IVAs what happens to this? We have no equity in our property, a car which is worth maybe £800 and no other assests. We are struggling every month, the next IVA payment is due next week and we keep going round in circles about what we should do, whether to pay it or save it towards bankruptcy.
welcome to the forum, sorry to read that things did not go as planned with the IVA
I think the first thing is not to rush into any decision.
the earliest you can go BR is after 3 missed IVA payments you will need certificate of failure from your IVA provider.
as you have only been with them 8 months it will be unlikely that you have built up a reserve with your provider in order to pay for your BR fees. youve probably only paid their fees let alone addressed any of the debts
If one of you decides to go BR, normally the joint debts would pass onto the other one but you have already addressed that with both of you listing the joint debt in the IVA.
Before you "decide" to follow the path with one or other or both going BR speak to your IVA provider, if they do not have sufficient expertise within their company to assist with your BR then speak to one of the experts on this forum (contact list to the left).
the two most important things to me prior to my bankruptcy was actually knowing what could happen and planning towards the petition date, Paul and his team at Reviva were really fab and helped me through the whole process.
My wife was discharged from bankruptcy 2 months ago with no IPA, I have 4 months left we are still negotiating the IPA.
Not sure what to do
Posted - 08 August 2010 : 18:25:42
