implications of ending iva

Charco_2

If your IP asks, you will probably have to tell.

Your new partner did not contribute to the debt so she cannot be expected to contribute to the solution. Any mention of her finances in your IVA would only be to confirm YOUR household situation. The IP has no interest in her money or her credit file (which will remain unaffected by your situation - it's literally got NOTHING to do wth her).

However, the IP may have to confirm some of the household bills and how much you are contributing towards them... ie are you paying half the sky subscription? or telephone bill? Have you taken on half the grocery shopping now that you've moved in with her and the ten kids? (I'm exaggerating to make the point. You will have to confirm what your expenses now are and are they fair in proportion with household income and the new dynamic of the household.

cinders13

i think we have all had different experiences from the iva, but is there any need to be so rude about it timberflake, chill out....it's like ww3 in here!!

have to say charco........where's my sunglasses lol

mark2004uk

timberflake wrote: »

you don't have to give any details about your partners income or fincancial status in general for that matter, hence why they're called individual voluntary arrangements.

Contact your ip and tell them that your situation has now changed and you are paying out more. They will send you an income & expenditure sheet, and will then call a creditors metting to see about having your monthly contributions reduced.

This is important! Make sure you keep you and your partners finances completely separate, no joint accounts and certainly don't send any of their financial details to your ip!

we are both in iva's and our ip asked for our partners details, my partners payments go up after my hp payment son my car finish

Radiantsoul

jemma1981 wrote: »

I am considering ending my iva as i cannot afford to pay it. I was wrongly advised to begin with and should never have taken it out as i have no assets to protect.
I was wondering what the implication will be? Since taking out my iva I have now moved out of my parents house and in with my partner. Will their earnings/assets be taking into account?

If you have no assset then bankruptcy is probably a better option. Arrangements often have a clause where the supervisor holds a small fund to petition for bankruptcy if the IVA fails. Check and find out.

Your supervisor can seek to rearrange payments if the creditors agree. The other option is just that the IVA ends and you will end up being pursued again and will need another "exit" option.

Your partners assets and income will be safe. But your surplus income will be based on whatever you actually pay. So you will need to give details of what you spend on the household, from that the supervisor will have some idea of your partner situation as you will presumably split things.