Is it possible to get out of an IVA ?

BoroRob100

A quick run down of the problem.

My ex-wife got re-married (no not to me) and then divorced again from a scumbag who left her with a large debt. Don’t know how much it was but she was in a bad way, financially, and decided / was advised to take on an IVA in March 2005. At this time our 2 kids were at school and living with her. I was paying her maintenance & she was receiving all the benefits due to her – Child Tax Credit, Family allowance & whatever else she could claim (afraid I don’t know all the details). She was working part time then and is now full time.

Both kids left school last July, my daughter off to uni and my son to get a job. At present my son is still “looking” for a job hence has no income. My maintenance payments for my daughter now go directly to her to help finance her through uni. Consequently my ex has now lost all of the benefits and my maintenance payments, although I am still paying some for my son to help my ex keep her head above water even though I should only have paid whilst he was in full time education. The cash I give both kids obviously doesn’t stop there though!

Because of this loss of income she is finding it impossible to pay the IVA and would like to get out of it if she can. She has got very little cash available & I would like some advice as to what she can do. I obviously want to help where I can for the sake of the kids but cannot help financially anymore than I currently am.

Grateful of any help.

Determined

Hi there

I'm no expert by any means but some will be along to help soon.... What I would say intially is to contact a charitble debt advice comany CCCS is one that mentioned on here alot and they will be able to advise and point you in the right direction - is worth asking does your ex own her own house? Any and all info you can give the guys on here will help - a statement of affairs is generally where everyone starts. You sound like a really amaxing guy still helping your ex and I'm sure you'll get some wiser folks on to help you soon.

immoral_angeluk

IF she can't pay her IVA what good is getting out of it going to be as she won't be able to pay her creditors either...

ash_bash_girl

Hi there,

I myself was in an IVa and due to bad advice from Debt Free Direct i was unable to move home to be closer to my Mum who i was looking after.
I was in a desperate situation and the only way out of my IVA was Voluntary Bankruptcy.

As of 12.22pm on 7/11/07 i am officially BR!

I can not tell you the sheer relief, i cried my eyes out for half an hour as the burden of this last year was so much.

I can not advise you to follow the same route but go to your local CAB and get professional advice, you will know the decision to take as it will feel right.

Good Luck and best wishes.

Ash_bash

Dr_Hook

Her first step should be to contact her IVA supervisor to consider presenting a variation to the arrangement to creditors, given her change in circumstances.

Depending on her situation this may or may not be feasible, but it should at least be looked into before bailing out of the IVA altogether. She's at the halfway point, to fail the arrangement now would mean the last 2.5 years will have been for nought.

She may have lost income with the kids leaving f/t education, but expenditure should have dropped too with your daughter going to uni. It may be that she can make reduced payments for a few months until your son can find a job and start contributing to the household income, or at least paying his own way in terms of food, clothes, etc.

To leave the IVA so far in would be a shame. Tell her to speak to her IP to see what can be done.