www.iva.co.uk

Hi all... I very recently started my Iva journey, I’m just trying to get my head around everything and wondered if anybody could give me a bit of advice.. my partner gives me a allowance every month of £450 for my personal bills.. phone bill, flex plus which includes all my insurance, phone, breakdown etc... plus kids clothes and if I need anything myself ... if he was to send me a extra £400 so £850 in total but then I send him back £400 so he can budget for food etc and the odd family day out, then would I need to update them with my income figure or not? Any advice appreciated

Unless you are with Payplan, who work on household income, your IVA payments should be based on your income alone. Your husband's income will only be required to calculate his fair share of household expenses when calculating your IVA payment ( disposable income). How you move money around between yourselves shouldn't be an issue.

Thank you for your reply!
I wondered if you could possibly help on something else.. my partner is looking to re mortgage in possibly 3/4 years to take money out to extend.. we have no joint accounts or debts, he has a good credit rating and doesn’t have any credit apart from mortgage.
I’m worried he is going to be affected by my IVA. Could this be possible as we live at the same address? I would hate for my mistakes to compromise his credit history!
My youngest child is 5 months so I’m not looking to go back to work until he is in full time education , as childcare costs would leave me with not much money atall as we don’t get any benefits etc... it’s just my partners wage at the moment. Can’t believe I have 5 years of worrying now

Your IVA will not impact on him at all. The IVA is on you and not the address.

Thank you for your reply, that is a huge relief

Just ensure there are no financial links built over the next few years.

Once settled into your iva it will pass quickly....

Will do thank you!
Also am I allowed to open a second basic account? so I can withdraw money from my nationwide account and put into another account for the children, so I know exactly how much I have to budget for them every month, instead of withdrawing it every month as handy just to pay on a card. I feel this would give me better control and also some months the kids need more than the next month.. for example winter coats, pre school uniform, shoes, etc..
It would not be a savings account or trying to hide money whatsoever! Would be a basic account simply for the children’s needs.

You can open another account if you wish. Should not be a problem.

Would I need to tell the gentlemen who does my annual review about this or my finance manager?

When it comes to your review you may have to tell them where the money is going and what it is for.

I operated two accounts: Income went into one at the start of each month. I left an amount therte to cover the direct debits etc. and transferred the rest into a 'spending account' for household expenses, petrol, etc. My IP, although they knew of this arrangement, were only interested in the main account, as this evidenced my income and major spending categories and never looked at the spending account.

Thank you, that’s helpful, I shall let my finance manager know tomorro just in case, as would hate to do anything I’m not supposed to.

Can anyone tell me when you go into the Iva register as I don’t seem to be on there as of yet? Thank you

It can take a little while, and may be delayed because of Covid and staffing levels.

It took me 6 months to appear !