inplications of getting married

[IVAHo]

I am currently in an IVA as a single person living with my parents.

I was wondering what the inplications of getting married and moving in with my partner would be. I have a horrible feeling my IP would take my partners income into consideration with my monthly payments;does anyone know if this would be the case?

BTW my partner hasnt actually popped the question yet but need to be sure when to start softening him up to the idea!! lol My IVA doesnt end for another 2 years, with the possibility of it being extended for a futher year where ive been on long term sick leave and had to reduce my payments right down.

[ivoriva]

It would mean doing a new I&E. You would have to detail his income as well as yours, to find out what your share in contributing to household bills is - but that is all his income will be used for. You can work out your share by doing the following:-

Add both incomes together, divide your income by the total income. The figure returned is the % your creditors will expect you to pay towards household bills.

IE Wife income = 20k, Husband income = 30k, total is 50k.
wife income 20k/50k total income = 0.4 = 40% contribution to household (shared) bills.

Best of luck, if the question gets popped.

[IVAHo]

Thank you for your reply, and for explaining so well [:)]

Just so i know ive understood fully, my partners income would only be taken into account when it comes to the shared household bills? My IP would then expect me to contribute the rest of MY wages into my IVA after household bills but not my partners? His would be free to do what he wanted?

If so then that sounds very reasonable.

I had the feeling that they would use both our salaries as the income, take off the expenditure and then expect whats left over from both salaries to be paid into IVA. But perhaps this is for people who are already married and go into an IVA together.

[MelanieGiles]

You will recalculated your new living expenditure, by reference to the ratio of your shared incomes. So if your partner earns 2/3 and you earn 1/3 of the overall household income, then your bills will be based upon the shared income, leaving you with a surplus to use for your IVA contribtuions.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk