IVA and Divorce

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Hi,

My Wife and I have decided that it's time for us to seperate :( We have started divorce proceedings but it will happen eventually. I'm current a year and a half into an IVA (My name only) and we live in a mortgaged house (in both names). At current house prices its very possible the house could be in negative equity. I will eventually need to find somewhere else to live, rental the only option, how will all this affect my IVA payments etc. Will I be allowed to drop my IVA payments low enough to live in a place remotely habitable or is cardboard box time? I have emailed my IP about the situation but I haven't had a response yet. Has anyone been in a similar situation or have any advice.

Feeling totally lost at the moment :(

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  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
    First Post First Anniversary Combo Breaker
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    Hello there.

    You've done the right thing by letting your IP know of your change of circumstances. It is possible for the IVA to be 'modified' to take account of the change in your circumstances, this may require another creditors' meeting to be held. There is no guarantee that the modification would be accepted although I'm sure your IP will do their best for you.

    What is your intention in relation to the property?

    Best wishes,

    David @ NDL.
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
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