On IVA - partner moving in with me

Jo*_2

I'm half way through an IVA and soon my boyfriend will be moving in with me. I'm aware i have to declare this but will it affect his credit rating? And how much will it affect what i have to pay?

Thanks

Jo*_2

Anyone?

james32_uk

As long as you do not hold any joint accounts then he should be unaffected.

You are supposed to declare your change in circumstances but do you have to show your IP all your paperwork? Some only require an annual declaration of income and a few payslips. A question of conscience as well of course...

Jo*_2

Thank you James. I think they just asked me to fill out the income and expenditure thing in my last review and some payslips.
Do you know if they do checks to see who's registered at my address?

james32_uk

I doubt they would run checks on who was living at your house. However there would be trouble if you kept it from them and they did find out.

However if you did inform them it wouldnt just be a decrease in your expenses that would result in you paying back more.... I believe thay they would need to include your boyfriends income and expect him to pay into your IVA as well. That's certainly the case if you enter an IVA and youre living with someone as a couple.

Can anyone confirm this will happen?

Jo*_2

I'm a bit confused now James. Doesnt that contradict with your previous message?

timberflake

james23_uk wrote: »

I believe thay they would need to include your boyfriends income and expect him to pay into your IVA as well. That's certainly the case if you enter an IVA and youre living with someone as a couple.

This isn't accurate, I've been in an IVA for almost 4 years now. I moved in with my last girlfriend in 2005, told my IVA aministrator about this and they didn't mention anything about including her income in the IVA, hence why its called an INDIVIDUAL voluntary arrangement.

The only thing your required to do is tell them how much your saying and they will probably ask for 50% ie if you save an extra £100 by your boyrfriend moving in the IVA will probably want £50.

My girlfriends moving in with me next week, but as it won't make a jot of difference to my outgoings I have no obligation to inform the IVA.

james32_uk

OK, sorry for the incorrect info. However despite it being an individual voluntary relationship I do know that they take the household income into account when you initially apply for your IVA. From what Timber says above it sounds like this isnt a problem when someone moves in with you after it's up and running.

james32_uk

Jo* wrote: »

I'm a bit confused now James. Doesnt that contradict with your previous message?

When I said that he would be unaffected I was referring to his credit rating.

Jo*_2

Thanks both of you for your input

I spoke to Grant Thornton and i was told at as he was not living with me at the time it began, i dont have to declare him. When the next review comes around, i dont put his details down, and it wont affect his credit rating.

The only thing i would have to do is adjust my expenditure accordingly if i end up paying less than the full share of the bills, due to him helping me out, if he does.

Sounds good to me. I'm rather surprised though, as i remember seeing on my first review that it had boxes about partners who live with you. I guess that only relates to those who were with you at the time it started.

james32_uk

Jo* wrote: »

Thanks both of you for your input

I spoke to Grant Thornton and i was told at as he was not living with me at the time it began, i dont have to declare him. When the next review comes around, i dont put his details down, and it wont affect his credit rating.

The only thing i would have to do is adjust my expenditure accordingly if i end up paying less than the full share of the bills, due to him helping me out, if he does.

Sounds good to me. I'm rather surprised though, as i remember seeing on my first review that it had boxes about partners who live with you. I guess that only relates to those who were with you at the time it started.

That's good news for you. Thanks for confirming the correct process.