Iva and partner moving in

Kbradz87

Hi I’m hoping someone can possibly offer me some advice, I’m on an Iva almost 2 years in, I work part time and receive tax credits which obviously all counts towards income etc. My question is if my partner moves in with me in the future, my tax credit application then needs to be a joint claim with my partner - how does this fit in with my Iva on income and expenditure forms etc, as whatever entitlement we would get would be classed as joint between the two of us, and the Iva be solely mine. Does my ip take into account that only 50% of that would be my income? I’m so confused by everything that I can’t think straight about it all. I know once my partner does move in obviously contributing towards household bills etc in theory frees up more disposable income from myself - but in reality his contribution will be what I will no longer be entitled to by ways of tax credits and housing benefit (if that makes sense) Thankyou for any advice in advance 

sourcrates

If there is no change to income/expenditure, then there is no need to tell them anything.

Kbradz87

Is it not a legal obligation to inform them? By no means would it make any financial difference as I mentioned he would make up the difference from the loss of tax credits 

dizzyblonde82

Hi,
You would need to tell the IVA practitioner as at your annual review they will ask for bank statements and proof of benefit entitlement. They will work out a joint income/expenditure for you as a couple but will work out surplus for both of you and your amount will be what you pay into the IVA and your partner will keep his. I'm in my 5th year of IVA and have found Stepchange really good to work with.

Kbradz87

dizzyblonde82 said:

Hi,
You would need to tell the IVA practitioner as at your annual review they will ask for bank statements and proof of benefit entitlement. They will work out a joint income/expenditure for you as a couple but will work out surplus for both of you and your amount will be what you pay into the IVA and your partner will keep his. I'm in my 5th year of IVA and have found Stepchange really good to work with.

But as I understand it, partner doesn’t need to declare his income only what he contributes household wise? I think it is invasive of them to ask him to provide his financial situation when they only need to know what his share of the household bills are. From research online that seems to be the jist of it but struggling to find anything conclusive. 

MrFrugalFever

If the IVA is in your name and you do not have any direct financial association with your partner, the only thing your IP / IVA company will be interested in is your bank statements showing income and expenditure. In a broad sense, if your income has stayed the same but has come from a different source (I.e from tax credits originally then from partner when moved in as a direct replacement) then I imagine it won’t really affect you.

i would try to keep yours and your partners finances as far apart as possible until you have successfully completed your IVA as to avoid any possible complications. Life happens and I think your IVA firm will be understanding of this.

sammyjammy

You don't seem to be aware that your partner moves in ends your claim for tax credits and it is no longer possible to open a new claim, you would need to claim Universal Credit.

Kbradz87

sammyjammy said:

You don't seem to be aware that your partner moves in ends your claim for tax credits and it is no longer possible to open a new claim, you would need to claim Universal Credit.

Yes sorry that it what I initially meant meaning we would need to joint claim
for universal credit. Sorry should have made it more clear.