partner and wages

moneysavingplumber

shelene wrote: »

yes will keep you posted, but another question...

IVA in my name but all of household income taken into consideration, so if my husband does any overtime etc to treat himself etc should half of that go to IVA people, (we do own house together), it just seems unfair when it not my husbands debt?? any thoughts??? is this right?

Hi Shelene,

It is probably written in as a condition of the creditors accepting the IVA that they receive 50% of additional household income, it's a standard modification so even though it's your husband's income and he's not bound by the agreement, your agreement may fail if 50% of his additional income isn't added. If it is a condition of the IVA then it should have been made clear at the outset by your supervisor.

With regards to your earlier quesion about credit, he can have as much credit as he wants but I haven't personally tested how much additional debt repayment can be set against income on your I & E at your annual review or whether there are limits on the increase. It would be interesting to put the question to an Insolvency Practitioner and find out, as when I was in my IVA my wife did borrow more as she wasn't in the IVA, and when I put it increased credit committments on my final I & E at the final year's review they simply asked for proof of increase, which I never bothered sending and they never asked for again :beer: . Try the www.iva.co.uk/forum for highly technical questions on IVAs in the absence of a friendly IP on this board.

shelene

Thanks so much for that link! i searched on it and it is soooo detailed, it will help me loads when it comes to my annual review income and expenditure time!
However it does say that partner/husband does not need to pay his o/t to the IVA as he is not bound my it! Which is good news

Thanks again i will save this link to my favouraites!

moneysavingplumber

shelene wrote: »

Thanks so much for that link! i searched on it and it is soooo detailed, it will help me loads when it comes to my annual review income and expenditure time!
However it does say that partner/husband does not need to pay his o/t to the IVA as he is not bound my it! Which is good news

Thanks again i will save this link to my favouraites!

No problem, it is a very good forum and I found it useful when I was still in my IVA. It would be good if some of their experts contributed here for these types of questions but ho-hum, they've got their own forum!

moominyak

Miss_Poohs wrote: »

Our mortgage is our only financial link as it is in both our names, so will a diassociation still be possible?

No. You are associated by way of having a joint mortgage, so while the joint mortgage exists you cannot be disassociated.

I speak from experience :rolleyes: (and a joint mortgage was my only financial association to another person too - if only it had been a joint bank a/c instead, that would have been much easier to remedy!).