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DH's DMP and my income?
someday_maybe
Posts: 22 Forumite
Hi all,
Just after some opinions on a debt matter
DH has debts from a previous relationship (took on their joint debts when they split in order to ensure the kids had a house to live in etc). He's been paying this ever since - maybe 10 years or so.
Fast forward to two yrs ago when we had a baby - I was on maternity leave etc and we couldnt afford his debts plus my (student) debts and child maintenance and day to day living etc. He went through the stress of organising a DMP which he has been paying ever since, with no real problems unless he has a couple of weeks with out work (he is self employed). To try and deal with this he pays slightly over each week so that he has a 'buffer' for weeks when he cant pay the full amount due to no work etc.
Everything we have jointly now (mortgage, utilities etc) is in my name as his credit rating is understandaby pretty pants. This is ok - just about - although with child care costs higher than our mortgage each month :eek: things do get tight. We would love to have another child but realistically cant afford to - which annoys us both to say the least!
Now my question - a few times recently (maybe 6 times in the last month or so) the DMP company have contacted DH to ask if he is interested in having (I assume) an IVA arrangement. He has always said no as he wants to pay these debts off - after all they belong to him - but the last time they called he did listen to them waffling on out of interest. The DMP company said that I would have to provide proof of my earnings in order to get his IVA approved - I am guessing this is because he currently has £150/week in his SOA as 'lodgings' which is what he contributes to the running of the household. Now believe me this contibution is no where near 50% of what it actually costs - but it is the most his DMP would accept. I end up subsidising the rest. TBH I am not prepared to be declaring my income with regards to his debt (if that makes sense, without sounding too harsh!) but I wonder if anyone can explain why they would theoretically need it, and what impact my income would have?
I hope this makes sense to someone! Thanks in advance for your time and thoughts
SM
Just after some opinions on a debt matter
DH has debts from a previous relationship (took on their joint debts when they split in order to ensure the kids had a house to live in etc). He's been paying this ever since - maybe 10 years or so.
Fast forward to two yrs ago when we had a baby - I was on maternity leave etc and we couldnt afford his debts plus my (student) debts and child maintenance and day to day living etc. He went through the stress of organising a DMP which he has been paying ever since, with no real problems unless he has a couple of weeks with out work (he is self employed). To try and deal with this he pays slightly over each week so that he has a 'buffer' for weeks when he cant pay the full amount due to no work etc.
Everything we have jointly now (mortgage, utilities etc) is in my name as his credit rating is understandaby pretty pants. This is ok - just about - although with child care costs higher than our mortgage each month :eek: things do get tight. We would love to have another child but realistically cant afford to - which annoys us both to say the least!
Now my question - a few times recently (maybe 6 times in the last month or so) the DMP company have contacted DH to ask if he is interested in having (I assume) an IVA arrangement. He has always said no as he wants to pay these debts off - after all they belong to him - but the last time they called he did listen to them waffling on out of interest. The DMP company said that I would have to provide proof of my earnings in order to get his IVA approved - I am guessing this is because he currently has £150/week in his SOA as 'lodgings' which is what he contributes to the running of the household. Now believe me this contibution is no where near 50% of what it actually costs - but it is the most his DMP would accept. I end up subsidising the rest. TBH I am not prepared to be declaring my income with regards to his debt (if that makes sense, without sounding too harsh!) but I wonder if anyone can explain why they would theoretically need it, and what impact my income would have?
I hope this makes sense to someone! Thanks in advance for your time and thoughts
SM
0
Comments
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*nipping on @ lunch for a cheeky bump to see if anyone can help* 0
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Sorry, I can't help but I'm sure some one else who can will be along shortly...
GxMortgage at 08/10/10: 110k:eek:
Current Mortgage:... £109,200 :eek:
OPs 2011: 100.50/4000
Current MFD: 02/10/45 :shocked: (will be 63!!!)
Make a payment a week challenge TW 100/123.790 -
Erm..
Exactly who is providing his DMP? As this sounds like a dodgy private provider rather than a debt charity who
a) would make a proper allowance for his living costs
b) would not be charging him anything fropm 15-25% of his payments to manage the DMP
Does he realise that an IVA is an insolvency arrangements like bankruptcy?
Has he looked into sorting out any repayments from PPI etc?If you've have not made a mistake, you've made nothing0
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