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 Relationship breakdown with “joint” IVA

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MaddaD92 Posted - 16 Oct 2020 : 21:33:27
Me and my ex have recently split up and have an IVA which we both pay for jointly. I will be looking to move out and probably private rent which I know will be hard. My question is will the IVA company allow us to keep the same terms even if we don’t live together? We have both agreed that we want to keep paying the IVA as it is and just split the cost. Will the IVA company see a problem with this?

Thanks for any advice!
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IVA Adviser Posted - 19 Oct 2020 : 09:18:07
Hi MaddaD92.

With a major change like this I think your IVA provider will want to reassess each of your new financial situations. It's your responsibility to let them know promptly if anything significant changes.

Your payment is based upon an affordability calculation. With the extra extra bills you'll have (due to there being two households) there is obviously the potential that your capacity to pay into the IVA may be affected negatively.

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