After years of jumping from one credit card and loan, to secured loan and credit card and loan I have had to be honest with my wife. I went through Mike Thomas at DebtWizard, fantastic advice, and am now waiting to provide Phillip Gill & Co with the details they need to work out my proposal. I HAVE BEEN FOOLISH WITH CREDIT and hope that, if successful, 60 months is less than the time I have spent trying to rob peter to pay paul. There have been times when I wanted to end it all, but two small boys and my wife kept me sane. I have a question though. My wife does not need an IVA, so do they take into account her wages and see that as disposable income for the house? or is it just my share of the household spend?
Thanks Tiny Tiger
Hey w-s, welcome to the forum. I'm really glad that you no longer have those dark thoughts, your family need you and you're obviously getting this all sorted. You'll be in safe hands with Melanie as your IP. I would imagine that your wife's income would be used to make sure you are both paying your fair share of the household expenditure. Please stick around, you'll get great support and advise here. X
I'm glad you've come out of the dark times,being in debt can affect you so much, but you're amongst friends here, we're all at different stages of debt management so ask as many questions as you need to.
Our IVA is in huuby's name alone, but as I benefited from some of the debt, my income is taken into consideration to make sure the household expenditure is split fairly.
Yes both parties income and expenditure are taken into account so that the household expenditure is paid rateably either 50/50 or pro - rata to net incomes
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
