Questions from a Newbie! please help!

[sgcoolchick]

Hi Guys,

Today my partner had his IVA accepted, can anyone confirm the following:

I have no income at present, so he is responsible for all bills etc, I also have a seperate account, when i start to draw any money will I be expected to pay towards his IVA and can they ask for proof of my income etc? (I Have started a business recently and currently draw no income).

Secondly- if we were to rent out our property and move into cheaper accommodation would this be allowed?

And thirdly- how hard will it be for us to remortgage at the end of the IVA?

and lastly! can you make overpayments and clear the IVA quicker?

Thank you[:D]

[kallis3]

Congratulations to your partner!

If you have no income then you cannot be expected to contribute towards his IVA and if you do manage to get an income you would just be expected to contribute towards the household finances.

I believe you can do this with your property, although if it frees up extra income he would be expected to pay this across to the IVA.

You will be able to remortgage eventually.

If you make overpayments then this won't shorten your IVA unless you pay 100p in the pound plus fees.

[sgcoolchick]

thank you that's so helpful whats the likelyness of overpaying and getting out early? do many people do this?

[kallis3]

The only way you will get out early is if you can make a full and final offer with a lump sum, or pay back 100p in the pound plus the fees. Otherwise the IVA will continue on for the full term and your creditors will receive a better dividend.