Hi my partner is in debt from a past marraige and we felt an IVA was the only option we could afford. He is taking out the IVA in his own name I'm having nothing to do with it, but the company he just spoke to on the phone said although it will be in his name only they want to see 3 wage slips of his and one of mine. I cannot see why they need my wage slip when I am having nothing to do with it? Has anyone else experienced this? They told him if he's living with someone his wage would make up 53% of the household bills and they needed to see how the other 47% would be paid? I can only think that they want to see my wage so they can up the amount he pays to them? Any ideas please? Thanks.
They usually like to see that you are contributing to the household bills pro-rata and that your partner can pay his share of the bills and still manage to sustain the payments for the IVA. They are only making sure that they are giving the best advice possible for the indivual situation.
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As you have not benefited from these debts, then once your contribution to the household expenses has been noted, your income should then be your own to do as you wish with.
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This is normal to be honest. When entering an IVA you are entering a legal agreement and in order for it to work and for the payments to be worked out fairly for both your partner and his creditors, they need to see that his partner is able to make a contribution to the household.
I wouldn't stress over it to be honest, you will not be involved directly with his IVA. It is simply to confirm the information he has given them.
Good luck, and ask away if you are still unsure of anything, there are plenty here to answer you concerns.
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Thank you for your help! I know it sounds awful but as they are not my debts I didn't want t have to be part of it. I am concerned about them having my details but I'm assuming as long as i don't agree to anything they cannot involve me? I don't have any debt so this is all foreign to me and I'm worried about it.
Hi, the above posts are correct.
The creditors request a full household income and expenditure for an IVA, this is just to ensure that one member of the house isnt contributing more than their fair share to the bills.
It wont involve you into the IVA, just to clarify the expenditures put in the proposals.
You may be able to avoid sending in your pay slips but you have to pay your reasonable share of household expenses either based on 50% each or pro rata to your respective gross salaries.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Hi we share the bills equally anyway so that's no problem! My partner was offered £175 per month for five years which we thought was good, but another company told us that was too cheap and you can't get an IVA that cheap? Is this right? Thanks
An IVA is based on affordability so £175 a month means little,someone earning £40k a year with 200k debts will pay a different amount to someone who earns 15k a year and has 30k debts.
If you pay equal shares of the household expenses all his ip wants to see your pay slip for it to ensure you pay your share in the house. Make sure you talk to a few ip firms not just one.
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How much do you earn compared to your partner? And why don't you argue that you are flatmates rather than life partners - especially if your relationship is relatively new - and therefore share the bills on a 50/50 basis?
I think that you should give your status as housemates, and confirm that you pay the bills on a 50/50 basis. This will only work if you can demonstrate complete separation of your finances - ie that you have no joint debts or other commonalities between you such as children.
You certainly can get an IVA for £175 per month - my firm recently did one for £135 per month. So tell your flat mate to look for a low cost provider of IVA's.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
