Posted: Tue Jul 22, 2008 2:18 pm
I have a couple of query regarding interlocking/joint IVAs.
When I looked into IVAs in 2006, my partner (now husband - we got married in May this year[:D]) and I had a personal loan and overdraft in joint names. We were advised that we both needed to enter into IVAs. All of the remaining debt was in my name and before we met so he didn't benefit from any of it. We had separate documents and we both had to complete separate i&e sheets. My husband's income & IVA payment was detailed on my i&e sheet and the surplus amount was what my payment would be and vice versa. Just over one year in my husband settled his IVA early. My monthly payments stayed the same (his income added to mine, all expenditure taken off then total remaining is what my monthly payment is). In a previous post I asked Melanie what proportion of the monthly expenditure I would be expected to pay. Melanie suggested that it should be 42%.
I have no problem whats-so-ever in paying as much as possible - it is my debt afterall! However, I don't see why my husband's surplus income should still go towards my IVA payment - am I wrong in thinking this when he has already ended his IVA early?
Our monthly income is £2546 (£1087 me & £1459 husband) and our expenditure is £1775 - this is taken from the i&e sheet so already has contingency, dental included. I work 42% of the total monthly expenditure to be £745.50 which if you take this off of my income it would leave a surplus of £341.50 available for my IVA. I currently pay £597.
My question is - does my husband's surplus income still have to be included even though his IVA has been completed and we have got married?
My annual review is coming up and I would like to take this up with my IP so sorry for the long winded post. I would just like to get my facts right before contacting them.
Many, many thanks for your help it is very much appreciated.
Best wishes,
r_c
When I looked into IVAs in 2006, my partner (now husband - we got married in May this year[:D]) and I had a personal loan and overdraft in joint names. We were advised that we both needed to enter into IVAs. All of the remaining debt was in my name and before we met so he didn't benefit from any of it. We had separate documents and we both had to complete separate i&e sheets. My husband's income & IVA payment was detailed on my i&e sheet and the surplus amount was what my payment would be and vice versa. Just over one year in my husband settled his IVA early. My monthly payments stayed the same (his income added to mine, all expenditure taken off then total remaining is what my monthly payment is). In a previous post I asked Melanie what proportion of the monthly expenditure I would be expected to pay. Melanie suggested that it should be 42%.
I have no problem whats-so-ever in paying as much as possible - it is my debt afterall! However, I don't see why my husband's surplus income should still go towards my IVA payment - am I wrong in thinking this when he has already ended his IVA early?
Our monthly income is £2546 (£1087 me & £1459 husband) and our expenditure is £1775 - this is taken from the i&e sheet so already has contingency, dental included. I work 42% of the total monthly expenditure to be £745.50 which if you take this off of my income it would leave a surplus of £341.50 available for my IVA. I currently pay £597.
My question is - does my husband's surplus income still have to be included even though his IVA has been completed and we have got married?
My annual review is coming up and I would like to take this up with my IP so sorry for the long winded post. I would just like to get my facts right before contacting them.
Many, many thanks for your help it is very much appreciated.
Best wishes,
r_c