wedding on an IVA

bubbles0169

We will be getting married in 2012 when weve saved(ill save the most)enough to do it! can my partner tell his IP that he wants to use his overtime to pay for some of the wedding bills or will they just not accept this?

Charco_2

Does your partner already keep most of his overtime anyway?

LHM

bubbles0169 wrote: »

We will be getting married in 2012 when weve saved(ill save the most)enough to do it! can my partner tell his IP that he wants to use his overtime to pay for some of the wedding bills or will they just not accept this?

An IVA will generally allow you to retain some part of any additional income (usually 50% of overtime, bonus or commission etc). As long as the wedding is paid for with your 50% then there is no issue. The creditors will still be entitled to their 50%. An IP has powers to allow you to retain more than 50% in some cases (car repairs and other emergency expenditure as an example), a wedding is not classed as emergency or essential expenditure.

The best bet it to ring your IP for clarification of the exact percentage as they can vary depending on what was agreed at the creditors meeting.

bubbles0169

i think hes allowed to keep 50% of his overtime, thanks