divorce

mandy · Joined: 15 Jun 2007 Posts: 1

i'm in a joint IVA with my husband but am thinking about seperation or divorcee.........

what would be the consequences of this?

is it better to get a divorce or wait till i've completed my IVA = i.e. how will i be able to pay the lawyers fees? Question

Cheryl · Posted: Fri Jun 22, 2007 7:45 am Post subject:

Mandy,

It is very difficult to advise what the consequences would be without knowing more information about your case. Each IVA is different and is based on the debtor’s personal circumstances.

I would advise discussing your situation with the Supervisor of your arrangement. With the facts he/she will hold on your case, they will be able to give you the best analysis. If your IVA is with ClearDebt Limited, Please do not hesitate to call a member of the team on 08000-192-095.

If possible, I would also recommend you and your husband discussing the future of your IVAs. This is to ensure that you both want to continue with the arrangement and will do everything you can to keep it running or otherwise. For example, if you have joint debts in the IVAs and one of you decides to become bankrupt, the other could find themselves responsible for the entire debt, thus reducing the agreed dividend leading to failure of the IVA.

It may be an idea to review your income and expenditure to see if your IVA payments will still be affordable and sustainable if you were to separate. If this looks tricky it may be possible to propose a variation to creditors in order to renegotiate the terms of IVA enabling you to keep your IVA in force.

I am sorry I could be of no more assistance but unfortunately, I would require all the facts before I advised you further.

Should you require more advice, please feel free to call.