IVA or not?

Woody8651

I have an IVA with my soon to be ex wife, it is due to finish in 4 to 8 weeks. I have not finished paying off the IVA , it is due to be annulled , my ex was not participating in any of the payments.

My outstanding half of the debt totals 12k, would you advise I enter into another IVA on my own or pay off my creditors individually?
If I entered an IVA would I have any chance of obtaining a mortgage after five years.

longtermplanner

Woody8651 wrote: »

My outstanding half of the debt totals 12k, would you advise I enter into another IVA on my own or pay off my creditors individually?

12k is very very minimal for an IVA. Have you any assets? How much could you repay per month?

Also is 12k the total of assets in your name? Are there any joint debts to be resolved?

If I entered an IVA would I have any chance of obtaining a mortgage after five years.

It is hard to see how you could have an IVA for 5 years and save a deposit in that time.

Find_The_Real

Hi, if you are already in an IVA, is it interlocking with your ex wife? Normally they can separate them if you are no longer with your partner. It would probably be best to speak to your current IP to see what the best course of action would be if they are terminating your IVA. I would also research other debt options such as bankruptcy if you have no assets.

It may also be worth speaking to a couple of other IVA companies to seek their advice, if you Google 'iva company reviews' it generally gives you a few websites to see who to speak to.

Anondebtadvisor

Could you raise a sum of money to offer in final settlement of your IVA?

Have you discussed with your IVA company?

Another option could be to ask creditors to accept contributions to date in final settlement, have this been discussed with you?

Have far are you into your IVA?

Woody8651

I have had the IVA for 3 years. I haven't made a payment for 18 months. I asked about separating the IVA between me and my ex wife but this can't be done according to my IVA provider. I have been waiting about 12 months for this to be sorted out but due to a loop hole regarding ppi it is taking along time to nil this IVA. Regarding bankruptcy I would rather not as I got these loans out and I want to pay then off. I am just want some information what would be best for my credit rating as I am 38 and want to get a mortgage. If my partner gets a mortgage can my income come in consideration or not? Please help as just want to be debt free ASAP. Thank you