Annual Review (4th) - Change in circumstances

[Adam16]

Hi all,

It's been a little while since I last posted and the end is in sight with my 4th year now done.

However, over the last year I have moved in with my partner and we now have a beautiful little girl.

My annual review has come through and the template has a space for my partners income. How do we proportion costs? Is it via percentage of family income?

My IPs rep suggest my partner does not have to contribute to my IVA, however we analyse all out income and expenditure as family unit I do not see how this isn't the case?

Also if I do it in the way my IP suggests, I have no idea what the allowance is for food, clothes for my daughter etc. Surely my IVA cannot veto some of my partners living costs?

Thanks for any help and sorry if the above is a little garbled[:I]

P.s I raised this with my parents and told them about my IVA in more detail and my father has offered a sum in loan to me so I can make a F&F. Seems this query may lead to an even more positive outcome.[:)]

[lem]

Your partner does not have to declare her income but if she doesn't your IP will calculate the expenditure 50/50 between you both so this may consequently raise your disposable income and mean you have to pay more into your iva,

Normally it's worked out on percentages, so for instance if you earn a third more than your partner, then your contributions towards your household expenditure will be a third more than your partner.

Make sure you are claiming for the added expenditure of your little one.

[Adam16]

Thanks for the response, I have relaxed after initially seeing the form. Tbh, I am not sure how I was expecting it to be dealt with. As my partner went back to work on a reduced salary following maternity, I have drafted our income and expenditure and actually it doesn't make a massive difference to the IVA contribution if we show our income and expenditure as family- only a small £25 a month increase if accepted which I think we can live with and will be preferable to a 50/50 split.

I don't know why I felt so anxious when first challenged. I guess it is as I am so close to the end and I have managed for four years, I don't want to feel like the last part is a struggle due to becoming a family - even though I wouldn't swap it for the world.

Just the sleepless nights of being a parent to resolve now....

[luluj]

congratulations on your life changes over the last year....a family to look after now brings a whole new spin on life!

Your partners income should be declared so that your IVA payment is accurately assessed - the likelihood is on the figures you mention no change will happen as you have clearly got additional expenditure now with the family to contend with - make sure you note down all your increases so that your payments can be reassessed accurately.

[MelanieGiles]

Let your IP work out the way costs are to be apportioned between yourself and your partner - if you merely give them details of both incomes, all benefits received and your family's total expenditure, then the exercise is relatively simple.

[Adam16]

Sorry for the delay in responding, whilst not fully closed out (As I am awaiting my annual report and F&F variation to be submitted) our revised I&E has been finalised and is a value I feel comfortable with; Melanie, you as always are absolutely right.

I have to say I feel so fortunate for two things, firstly to have found this place back in 2008 before I started my IVA and secondly to have selected the IP I did. The team who manage my IVA are so supportive and realistic.

Fingers crossed for the submission of my F&F.

[MelanieGiles]

It is great to see that things have worked out for you Adam, and that you have found the forum of great use to you throughout the IVA process.

Which IP firm are you with?

[Struzzo39]

Glad you got sorted. good luck on your final stretch

[Adam16]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles

It is great to see that things have worked out for you Adam, and that you have found the forum of great use to you throughout the IVA process.

Which IP firm are you with?

I am with your company IVA Advice Bureau, selected solely based on here back in 2008 - though Susan is my supervisor.

Gill, Leighton and Laura have been excellent over the years, very approachable, up-front and able to explain the process etc.

My F&F and annual report is with my IP for issue in the next few days. I feel very relaxed, if it is accepted then great, if the creditors choose to continue I feel able to carry on without being penalised for having a family and allowing my life continue.

Only a maximum of 22 months to go!!![:D]

[MelanieGiles]

Glad Sue is looking after you - she really is one of the best IPs in the business, as are the team that support her.

[Adam16]

Unfortunately still waiting for the submission, despite running through the numbers 21st May.

I have been told my IP has until 20th June to issue the AR and variatoin proposal, which is essentially 28days after I have submitted the information, Then another 28 days before the variation meeting.

Hopefully worth the wait, it feels like forever!

[MelanieGiles]

Adam

Please send me your proper name via e-mail, and I will investigate the nature of the delay. Sue never sends out reports late, so this must be on her radar.

[MelanieGiles]

Adam

My detective work has now found you on our system, and I've just e-mailed Sue who tells me that she is hoping to get the report out to creditors tomorrow.

[Adam16]

Melanie thank you for taking the time to look into my post and respond, it gives me some comfort it is going to happen on or before 20th. We have been eagerly waiting each day as you can imagine.

[MelanieGiles]

Sue has done your report today, and it is in the post to you and your creditors. Will keep everything crossed our end for a successful result.