my wife has the chance to start a new company and is not included in my iva
how will this affect me and will her credit rating be poor with me having a iva
the mortgage is in my name only
will i have to declare her new earnings to my ip and how much will thety take from us
Her credit rating should be ok if you have no mutual debts. You may have to let your IP know that she is earning and she is paying her way towards the household finances.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi
There is nothing to stop her starting her own company. Her credit rating may be affected if you have any joint accounts but she could lodge a notice of disassociation with the credit reference agencies, this may help.
You will have to declare income to your IP as the extra income may affect your disposable income as you wife contributes more to the household bills.
Regards
How will the new company affect your wife's income, as if there is any fluctuation this is sure to affect your disposable income? Is she projecting to earn as much as she is earning now, more or less?
the other question is will have to hand over half of any extra she earns she pays a % of the bills and i dont see why that would change as her money is hers and the bills are mine from before we were married
i also understand we are in this as a team and if money is owed we will pay it
just gets on my nerves to pay natwest any more after the way they treated us and refused to help when times were tough
I think that any extra she earns is hers, hopefully one of the experts will be along to confirm later.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It will be some time before your wife's earnings become clear whether she operates as a sole trader or as a limited company. Provided she is able to draw enough or pay herself a salary similar to what she earns now, there should be no problem. If when the accounts are submitted, it is clear she has beening earning substantially more she may be expected to contribute more towards the running of the home.
