Review of Income

[bobs]

Hi

My partner has an IVA of which is in her name and inludes all of her debts but on he review my income is being taken into account. Sorry if stupid question but if my income changes then could this be taken ino consideration?

Cheers

Bob

[Sadsack]

Hi bobs

As far as I understand it, your income is only taken into consideration at the outset of the IVA and that is just to make sure that she is paying her fair share of the "bills". ie if you earn 60% and she 40%, she is then only liable for 40% of the "bills". I am open to correction, but any extra income you have is for you and would not necessarily be part of the IVA.

I think you would be better off waiting for one of the IP's who post on here to give you clarification and the correct answer.

I just wanted to acknowledge your post!

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[bobs]

Cheers Sue many thanks for your reply, just like to say brilliant forum and site, wish I had found it earlier !!

Cheers

Bob

[MelanieGiles]

Hi there Bob - thanks for the nice comments!

Your partner will need to disclose the level of your income right through her IVA, but this rarely results in any adjustment to the basis of her payments unless your earnings increase or decrease significantly.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Sensible77]

I'm in an IVA and my wife's I&E was used to determine the payments I make. My wife has a bank loan, (taken out well before I started the IVA), that will end in about 2 years time. Am I right in thinking that when the loan is paid off, the monthly amount that I pay for the IVA will increase by the amount she was paying for the loan?

[MelanieGiles]

It shouldn't do, as any changes in allocation are income based rather than expenditure based. But she could offer the extra money to shorten the IVA term if you wished.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Sensible77]

Thanks, Melanie. That's good news!

[Adam Davies]

Hi
Wouldn't it only shorten the IVA term if you are offering a 100p dividend ? or do voluntary payments above the required amount shorten the IVA ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Andy

As the extra money would be coming from a third party, the term of the IVA could be reduced in direct proportion to the third party monies paid.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Sensible77]

That's interesting - we'll bear this in mind when the loan is completed.