Partner's income & IVA

bluemonday3

Hi

your responses are very interesting and making me more wary of the IVA but I need a solution to the mess I am in and have no choice but BR or IVA.
My partner earns considerably less than I do,just over half of my income and contributes all he can.. I have seen his wage slips, he hides nothing from me and I see no reason to disclose this but feel that my hands will be tied.
There is no way I want him to be included in my mess and if it means the IVA does not go ahead then so be it..
The IVA pack came through today and I have another phone appt with CCCVA next Friday

bluemonday3

Plus... the debt has been going since my ex partner left me with it all about 5 years ago, so my current partner has certainly not benefited from this, he has indeed had all the s**t, but I guess they won't be interested in that !!

skintflint103

Chips getting 'independant advice ' is what people think they are getting when they go to an IP . You can't get an appointment for 2 months at CAB where i live CCCs is punting IVAs where is this advice?. Most people ask friends at work and guys in the pub. they get all the fear and old wives tales from the inexperienced. There are certain prolific posters on this site that give good advice about IVAs as long as that advice never shows the bad side of them in any way. They get vitriolic and personal (we were down to name calling earlier) when people point out that these IVA factories. Yes Factories!. They Have some very odd advice at times. IVAs have good and bad sides. I want people to look at their options not just be told the best fee earner. And here's the best part, as soon as anyone stops an IVA guess what happens?. They ring the client and offer them to do their bankruptcy at a fee! Not we'll use what you already paid us. No, more money for the advice that should have been given in the first place.! Come on all the CHs tell me I'm wrong and making it up as usual. Independant advice where?

thechippy

Skint,

Why do you think the op came one here?? To get advice - yes?

I am not a lover of Iva's. They do however, have thier place sometimes should you have a property with equity, or other assets to protect. I also agree that they are basically the equivalent of BR and are treated by the lending institutions in the same light.

You are getting me wrong here, I am not pushing or advocating them and agree that SOME insolvency practitioners will advise them when they are not necessarily the best solution. Are you with me now??.....;)

skintflint103

No Chips I think we are coming from the same direction. What I'm trying to say is this, if your have a drink prob go to AA when people are in debt they can try to get an appointment at CAB however sometimes the situation is complex and the poor pressured volunteer hasn't a clue except to push to cccs . sometimes they're good but if they IVS they can't be indepaenand as they are funded by the banks. So where next try the Internet papaer et Anyone paying for an advert is not independant. You are told for mortgage advice go to an Independant advisor, but as they all make money to place a mortgage how independant is that. How many times did you here don't pay for advice? So you want it from an amateur then?. My point is that a well trained experienced licensed advisor IS NOT FREE they will get a fee somewhere. A mortgage or insurance advisor has to compare products and then justify their recommendation. they won't be making the sort of fees in an IVA so why is this industry not better regulated. We have the Gregory Pennington recommends Freeman Jones, Bainse and Ernst recommends Blair Endersby hardly bloody independant is it? So where does the poor punter go if they don't want to come places like this where lets face it they only get opinion mixed with a few methods how to do something. Both of those named companies take their fees and if people fail the IVAs theyy have the brass neck to expect people to pay them to 'guide' them through bankruptcy, which in many cases they should have advised day one. I saw a phrase in the papaer the other day from Greece it said 'the fish stinks from the head' .Now it probably means something to a Greek, but I was minded of the above mentioned.

skintflint103

sorry for typos

Choo_Choo_4

bluemonday3 wrote: »

Plus... the debt has been going since my ex partner left me with it all about 5 years ago, so my current partner has certainly not benefited from this, he has indeed had all the s**t, but I guess they won't be interested in that !!

Blue ... it is evident that your current partner has not benefitted from the debts (I wouldn't say you have either ) and if an IVA is the way you go you will have the opportunity to give these details in the "background story" to explain how you arrived at this situation (brief)

The reason for a JOINT I&E being done is bascially just to provide a fair account of HOW MUCH THE HOUSEHOLD EARNS each month (you & your partner's income) and HOW MUCH IS SPENT on living expenses ...

Let's say for arguments sake that you earn 66% of the household income then it would be expected that you pay 66% of the bills (albeit other half might have a gym subscription or something that they pay) and in turn YOU WILL RECEIVE 66% OF THE SURPLUS INCOME (what is left each month) and this is usually what would be offered in an IVA (or might be requested by OR in bankrutpcy if over threshold)

Partner is NOT in the IVA or named jointly UNLESS there are joint debts and they would have to sign and do everything else you're doing!
It is for information purposes only ...

Say you're living with your partner but maybe only for the past 6 months and are unsure as to where it might be going then a Joint I&E may not be necessary - it could be said that one person is paying board & bills to the other until such times as it might become a more permanent arrangement BUT you often find that by including the partners income it can reduce what you have left over each month and all bills are included rather than just what you say you're paying ...

Don't think that you have to go with CCCS Blue just cos you've come this far with them - go through all the details and see what they have requested from you payment-wise and is it affordable?

Then speak to another IP - different company and see what they say ...

All of these companies should really (by law) go through EACH option with you ... 1. DMP
2. IVA
3. Bankruptcy

Each solution should be explained in detail to you and they may advise one over the other as their best advice but the final decision is YOURS!

You will find lots of IP's who can go through all this with you and you should be able to get a telephone meeting almost SAME day or next (prob with CCCS or CAB is the wait - but you've conquered that already:)) ... the most important thing is that you should never PAY to TALK to someone - ALL ADVICE SHOULD BE FREE but there are some companies out there who will try to take £500 before speaking to you ...

skintflint103

The issue here is do you have a job or assetts that prevent a 12 month bankruptcy ? Do you feel morally obliged to pay your creditors (we all know that we should). So if answer to above is no, then 60 months paying IVA as an insolvent or 12 month in BK as insolvent (doubtfull if you'd get a very big payment for 36 months on the picture I'm getting.) Don't listen to all the old 'they come to your house and take every thing, you go in the paper ,you'll lose your job' you'll never get credit again' Which is the way IVA companies 'EXplain' Bankruptcy.

Choo_Choo_4

skintflint103 wrote: »

The issue here is do you have a job or assetts that prevent a 12 month bankruptcy ? Do you feel morally obliged to pay your creditors (we all know that we should). So if answer to above is no, then 60 months paying IVA as an insolvent or 12 month in BK as insolvent (doubtfull if you'd get a very big payment for 36 months on the picture I'm getting.) Don't listen to all the old 'they come to your house and take every thing, you go in the paper ,you'll lose your job' you'll never get credit again' Which is the way IVA companies 'EXplain' Bankruptcy.

Don't listen to ANY nonsense Blue!

All household goods etc are exempt in bankruptcy - so all the crap you see on Emmerdale and the likes is nonsense. Even your car will usually be exempt (within reason, obviously if you're driving a brand new car worth £10k you might be asked to trade in and bring in difference) but generally speaking if worth £2-3k and you need it to get to/from work then you'll be allowed to hold on to this in IVA or BANKRUPTCY!

Any reliable IP will go through ALL options in detail - they will not paint a dark picture of bankruptcy as above (lying about this, that and the other happening to you) - they will tell you that the IVA is an alternative to bankrutpcy and if you are a renter then there will be very little difference ...

Of course Bankruptcy is the cheaper, shorter term solution for anyone with no assets/house/job to protect BUT some people just do not want that option - lots of people SHOULD go bankrupt but are determined to pay something and feel better for it but there is no longer any stigma attached to bankruptcy - it's there for a purpose, to help people get out of a situation that they have found themselves in (usually) through no fault of their own ...

Of course you will get companies (especially if they CAN ONLY offer an IVA and only get paid for setting up an IVA) looking to put the spoke on bankruptcy and highlight IVA as the only option ... you'll get the same with companies that only offer DMP - telling you this is the only option...

So .... speak to someone who covers all angles, explains them all and then MAKE UP YOUR OWN MIND. You'll have all the advise you need and it will only cost you time (not money) ...

skintflint103

Most IVA proposals start with ' the creditor has chosen an IVA because they will be able to pay more money to their creditors and they wish to avoid the perceived stigma and consequences of bankruptcy' (So now tell me I'm wrong on that then!)So one takes one's own judgement of just how that stigma and consequences were thus described. When it comes to a verbal explanation they had the fear of God put in them.