Getting married

[nikki]

Hi everyone
(already posted this in the wrong section, sorry)

Could someone please help me. I am currently 6 months into an IVA, next year I will be getting married, could someone please tell me how this would affect my IVA monthly payment, the debt is in my name only and my partner knows about the IVA so no problem there, but how will the new monthly payment be worked out, surely it's not the case that both our wages are lumped together to decide an amount, is it more a case of my IP wanting to know that my wife is paying half to the monthly bills, am I right in thinking none of my wifes money can be used to pay the IVA, also would my IP need to see my wifes wage slips or bank details, if so, why


Many Thanks
Nikki.

[Holly]

Nikki,

Congratulations in advance!

Your IVA payments could be calculated as below -

1. Household Expenditure - your wife and your wages will be put together, minus all outgoings and whatever is left will be paid into your IVA

OR

2. Personal Expenditure - in your expenditure, you will state solely what you are earning and solely what you are paying for and the surplus left would be available for your creditors.

This depends on how you work things in your home. But please be aware, there is no guarantee that your creditors would accept either and they may request further information into an insight of your expenditure.

There is a possibility that your I.P may request a copy of your wife's wage slips and/or bank statements.

Hope this helps

[nikki]

Thanks for that Holly,

Obviously we have discussed this, we will both be keeping our own bank accounts and she will be paying half the household bills and thats where it ends as far as her contributions to the household are concerned which seems fair to me as the debt has nothing to do with her at all, is this how the IP would see it ?
If our incomes are lumped together then she is contributing toward paying my IVA through her wages, when in fact it has nothing to do with her. Does anyone know how this actually works.

Thanks Again
Nikki.

[Holly]

Nikki

whether your I.P would see it that way or not is a difficult question for me to answer. I would advise that you call your I.P directly to put your mind at rest.

Holly

www.cleardebt.co.uk
http://www.cleardebt.co.uk/debt_forum/

[lily]

Hi Nikki

Just an opinion, I think it is totally unfair that your new wife has to put all of her disposable income into the IVA for the creditors benefit when it has nothing to do with her, what a shame that in an IVA you just cannot get Married without them sticking their oar into your lives. Surely the fact that the creditors accepted your contribution for five years should be enough??? It just seems so unfair thst they have to scupper such a happy event and put financial pressure on a new marriage. You are paying for your mistakes why should she??? I really wish you the very best in this.

Good luck and congratulations.

I am so sick of reading about the stress IVA's cause with what should be happy events like a new marriage or a new baby. Isnt there enough pressure on individuals with IVA's.????

lily

[nikki]

I am going to call my IP, I just thought that maybe there were some set guidelines to follow in a situation like mine. This must have happened to many people .

[nikki]

Lily,
I really appreciate that, thankyou, as you can imagine, I am worried sick that my future wife may have to hand over her wages for my debt problems, not a very good way to start a marriage is it, I just thought the IVA is mine and I am doing all I can to pay, so why involve her ?

Thanks Again
Nikki.

[lily]

I understand and I feel for you, I really do, you shouldnt be put under this pressure, by trying to do the right thing repaying your creditors.

Good luck for the future, you deserve to be happy

lily

[PoorbutHappy]

I suppose different IP's have different methods. Our household bills are split based on take home pay.

Actual Income is 60/40 in my wifes favour, so she pays 60% of the household bills and I pick up 40%.

Take off my personal outgoings on fuel etc. Rest goes off to IP.

On a day to day level, my 40% basically equates to the rent payment I make out of my account, so I just make me wife pay for all other shopping and bills. Bless her!

15/60

[nikki]

Who's IVA is it, yours or your wifes and were you already married when you took it on, if so I can kinda understand how that works, I'm just amazed there seems to be no set guidlines to follow, it seems to be all down to the IP...so many grey area's.

[PoorbutHappy]

Twas my IVA and we was already married.

But anyway, most importantly, enjoy the big day!

[aguise]

Hi nikki
It is generally worked that your partner would pay their fair share of the bills so if they earn 60% of the joint income they would be expected to pay 60% of the bills for rent food council tax gas electric, phone all that stuff, after that their money is theirs. They are not expected to use their disposable income just the fair share of bills.
Hope that helps

Ang

[nikki]

I can't thank you all enough for your help.

So for example if my monthly bills were £500 and she brings in as much as me, she would only be expected to contribute no more £250 and nothing more. Also would my monthly payment into the IVA increase by the £250.
I was worried that the income would be lumped together and my IVA payment would shoot up hundreds of pounds funded by her money.

Nikki.

[aguise]

Thats it nikki she would pay half of living costs no more. If that means you have more disposable income because of the shared bills though you may have to pay a bit more. Check with your company too, keep them informed and that way you wont get any nasty shocks.


Ang

[MelanieGiles]

There are set guidelines for this - and the rules are as has already been stated that shares of expenditure are based on shares of income. Following your marriage, and at annual review stage, your IP will want to look at this to see whether your change of circumstances has had any effect on your disposable income, and whether you are able to increase your payments as a result.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk