Can anyone clarify expectations re a partners contribution to an IVA monthly payment?
Its in my name only, but my partner had to agree as we have a joint mortgage.
For the I&E, her income is taken in to account. However, as its in my name, should she only be expected to cover her % of household costs i.e. If we were on the same wage my partner would cover a straight 50% - but should then not be expected to place any spare income towards my IVA?
It was agreed at time of signing my wife had not benefitted from my debt - hence it simply being in my name.
Steve I have posted a similar question. My husbands personal debt may go down soon freeing him some income even though he is not in the iva I have been told this extra surplus income would cause my IVA payment to increase even though its not his debt as out income and expenditure has been looked at as a household. I will therefore tell him to keep his debt at its current level as he will only be paying off mine if he clears it
If the original agreement did not include your wife's disposable income Steve, then she will not have to include this at any stage during the IVA. If she did agree to include her disposable income, in my firm we keep that figure the same throughout the IVA duration, so that if her circumstances improve she directly benefits from this, albeit she may need to pay more towards the shared bills which could in turn increase your disposable income.
Best to check with your own IVA proposal or have a chat with your IP to be sure.
To be frank, stoneyB, if I were in that position I would have told the company to take a hike and gone with someone else, or simply told them to assume a 50/50split.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You do not have to prove your partners income at the drafting stage of the proposal or after approval when the review is due as they are not bound by the terms of the IVA so if they have a pay rise etc, they just solely benefit, not your creditors.
I'm nearly finished now and my IVA has run smoothly but some of the demands on people I see on here make me think that some of the IP's make it up as they go along.
There is actually a need to disclose a partner's income at the outset of an IVA, to demonstrate that you are paying a fair share towards household costs. Creditors expect to see this information presented, but this does not mean that their disposable income has to be taken into account for IVA payments unless they want it to be. Some people see that their debts have been incurred to meet joinly incurred expenditure, and thus it is fair for them to jointly fund the IVA contributions.
