IVA and rent/bill issues

Shadster

My partner and I split up a fortnight ago and I started looking for somewhere else to live, rented accommodation. I contacted payplan as with £34k worth of debt and more than half my salary being paid out to creditors they advised an IVA would be a good option.

They have had to put the proposals on hold due to me not finding anyway to rent yet as obviously they require tenancy agreement for rent amount and council tax bill etc to prove my outgoings.

However, over this last weekend my partner and I have spoken and agreed to try again. However, to make our relationship more 'equal' we have discussed me paying half the bills and haf the mortgage. At the moment all I pay him is £250 a month, nothing else.

Will I still be able to take out the IVA and include the new figures (i.e. half the mortgage, bills etc)? I cannot afford to pay half of everything without sorting my debts out. I suppose talking to Payplan about this would be my best option but wanted some advice on here first.

Also, I have stopped my Direct Debits for my loan and dropped my payments down for the loan and credit cards, so I'm almost cornered :huh:

Help please!

National_Debtline

Hello there.

Your household bills are essential outgoings, they would take a precedence over your creditors as far as your budget is concerned. Payplan are likely to want to see a joint financial statement to demonstrate that your share of the household bills are fair and reasonable. An IVA may still be possible.

If you are on the mortgage please be mindful that there is also likely to be an equity clause within the IVA, this may mean that you will need to remortgage the property towards the end of the term; Payplan will make you aware if this if relevant.

Best wishes,

National Debtline.

Shadster

Thanks for your reply.

My name is not going to be on the mortgage, just paying him half of it, along with the bills.