My partner is now moving into my address. The house hold bills are going to be split down the middle. Her salary if relevant is a little less than mine but her money left over at the end of the month is alot higher than mine. We are getting a joint account to do this. I tried speakjng to the company that my iva is with but said i would have to wait till my review at the end of the year. Need to know how this will affect my iva as in what is it going to cost me and will it affect her earnings .
Regards
Adam
It depends who you are with. Some companies look at your disposable income, others at the household disposable income. Who are you with?
You will need to look at bills, extra gas, electricity, water etc and how this will change your bills. In theory, your disposable income could increase and so your payments too.
Perhaps your partner should carefully consider a joint account as you will be financially linked then.
As above, I would advise against any joint accounts. Your IVA will stain your partners credit reference file if you are associated financially.
With most companies your payment will go up by the net contribution the partner makes to the household expenses ( as this will free some of your money). Remember though, that some of the household expenses will increase to slightly offset this.
As Relieved says, though, a few companies take household income to calculate disposable income, which effectively means the partner will be paying some of your debt.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I really recommend NOT getting a joint account. If you do it will affect her credit file as she'll be linked to you.
Remember that whatever happens, her private financial information remains private and she does not have to disclose anything (payslips, bank statements etc...) if she doesn't want to.
If in doubt, always ask on here before getting back to the IVA company and we'll try and help
It may be better to treat her as a lodger or flatmate and advise your IP firm accordingly. This will increase your surplus income without her details being of anyone elses concern.
If the IP firm has said to wait until review get this in writing so that any increased payments start from the date of the review and are not backdated.
