When I completed a recent I&E form for the IVA which is only in hubby's name.I had to put down my wages, I understand this is to make sure I pay my share towards household expenditure. Our nett incomes are roughly the same, so I accept my wages covers half of the expenditure.
However, shouldn't half the surplus be mine and only half be used for hubby's IVA? I'm just trying to work out how Accuma arrived at the original repayment figure. Something I'm ashamed to say I never questioned until now, but it seems they have taken all the surplus for repayment...is this right? I want to be prepared for their response to the latest I&E...their not the quickest so no rush for answers [:D]
Hi
Even though the debts are not yours creditors could take a view that you have benefited from the credit and this is why they generally like to see joint income and expenditure.
Have you ant debts yourself that you have to service ? and if so has an allowance been made for this in the income expenditure ?
Regards
I have included a sum that covers a small debt of mine in the I&E. I uunderstand my income should be included to cover the expenditure, but don't see why any surplus I have each month should go towards the IVA when its in hubby's name only. I've split all the expenditure 50/50. Obviously by taking my suplus into account this doubles the figure available for an I&E, just wondering if this is right?
If it is, so be it, but why can't they discuss the IVA with me instead of saying its against DPA [}:)]
We've been paying 56p/£ for the past 19 months, however it has become a struggle of lateas our mortgage rate changed in May and we've had lots of expenses with car. We have had to submit a new I&E form to cover cost of leasing a new car.
Looking at the figures has made me think how its worked out.
If you could have comfortably said that you had not benefitted from any of your husband's debts - ie that they were not used to pay anything for the house, and that he spent the money all on himself, then you should have dug in with Accuma when they prepared his proposal and argued why your disposable income was being used at that time. Perhaps they needed it to secure a minimum dividend payment?
However, as time goes on, you should not have to increase the amount that you personally contribute to the arrangement ie future payrises of your own should not be taken into account unless it is to maintain the contractual repayments.
I would personally go back to your husband's IVA proposal, as work out what percentage of the disposable income relates to your contribution. In my proposals, we show husband and wife's income and expenditure separately, so if your IP follows the same format this should be acceptable.
Then I would work out, based on your 50/50 split how much your share of the disposable income is now. If your husband could maintain his contributions with the original disposable income figure you were paying then I do not feel you need to increase your share.
Alternatively bring the papers to Frugal Friends and I will look at it for you!!
Thanks Melanie - the forms Accuma have sent us show combined income and expenditure. I've just emailed them again so I'll let you know the outcome. I wouldn't want you to spend the FF night working [:)]
The payrise I've had barely covers the increase in mortgage, despite switching to interest only.
I work it out, we need a drastic drop in repayments to allow for new car lease and allow us to live. I'm talking from £930 down to £300 mark. Can't see that happening????
One thing for sure, I've learnt so much since originally accepting the terms of the IVA, I won't agree to anything unless I'm 100%.
Thanks again for the advice xx
Last edited by Julie on Sun Nov 02, 2008 5:39 pm, edited 1 time in total.
IP's assistant called today and after a tug of war with words,[:D] he eventually agreed to discuss the IVA with me. He agreed my salary should be the original amount submitted for the approval. He questioned a few of the amounts we had submitted, but seemed to be satisfied.
He now has to pass this to the IP who will be in touch once he returns from leave next week.
So, its a waiting game, but at least I know its being addressed.
That's better news Julie. Hope it continues to go your way.
Sharing from experiences of dealing with debt
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