iva

llandod10

does anybody know if although being married can i do an iva myself without involving my wifes finances as all her cash goes toward her own debts

Charco_2

Of course you can.

your IP will be interested in the total income and expenditure of the household but after the household surplus is worked out (by subtracting household expenses from household income) it is then divided as a percentage of the household income you earn and the percentage your wife earns. You may find that it is just better to do a joint IVA but there is no law saying she has to enter an IVA just because you are!

Charco_2

For example keeping it simple:

you earn £2000
you wife earns £1500

household income £3500 (Mr = 57%, Mrs = 43%)

the expenses for the household come to £2500 (including mortgage/rent, heat, tv, food, electricity, council tax/rates etc)

household surplus is £1000

Mr contribution to IVA £570 per month
Mrs retains £430 to deal with her own creditors

NB - you would not be allowed to contribute some of your surplus to your wife's debts, it all goes into the IVA. If your wife's monthly repayments to creditors are more than £430 per month then you may find she'll just continue to get deeper in debt. If your wife's monthly repayments are LESS than the £430 then your creditors in the IVA may expect her to contribute any extra towards your IVA...

Nick700

One other point to note is that if *all* your wife's cash is going on her debts, at the expense of contributing a fair amount to the household, it may be wise for her to consider reducing payments on her debts. If she is willing to consider it, it may be worthwhile doing a joint plan. This will allow her to contribute more to the household, probably allow a more realistic standard of living, also allow you as a couple to address your difficulties together, and both resolve your debts in a similar timeframe.

Nick