What do I have to hand over during a IVA?

cas444

During the course IVA what do you have to declare and hand over?

If we were to recieve the money from a savings scheme we are paying into, would we have to hand over that? Its due out in 2013 and is about £2,500 each.

The IVA would more than likely just be in my husbands name as he is the owner of most of the debt.

What about overtime and one off bonus?

DH is due a £400 bonus in November and one again in April, will we have to hand that over?

Thanks:)

Charco_2

Whose name is/are the savings in?

If the IVA is only in your husband's name, then only savings in his name should be handed over. So if all the savings are in his name, then all of the £2,500 should be handed over - unless you can prove that you were the one making the savings even if it was in his name! (Dubious)

If the savings are in your name and the IVA is in your husband's name then you can keep it all. If the savings are in joint names then keep half of it and give the other half towards the IVA.

Overtime and bonus is different. Your husband would keep the first 10% (generally) and then give half of the difference to his IVA.

So if your husband's normal monthly take home is £1,000 (keeping it in simple figures) and he gets a bonus of £400 - you husband keeps the first £100, and divides the remaining £300 between himself and his IVA, so he pays £150.

This can vary a little in proposals.

I assume you're only considering an IVA at this stage - which IPs are you speaking to?
Consider how much debt you will have to cope with (and what income you will have) if your husbands enters an IVA... are you going to be able to service your own debts? Consider a Joint IVA and see what is best for you!