If my husband starts a new part-time job, should we be paying 50% of his wages into my IVA?
If we didn't declare that he was working, could the company who arranged the IVA find out he was working? No intention of doing that but it interests me to know how far they can delve into your details.
What happens if they find out you've not told them about the extra money, do you just have to make up the shortfall or can they stop your IVA?
Interested to hear your thoughts please.
It will really depend upon the terms and conditions of the IVA - but assuming that your husband is not also subject to an IVA, I do not feel that any improvement in his position ought to be shared with your creditors. You will, however, have to declare his new level of income to your IP as part of the annual review process, as this may result in a reassessment of your shared expenditure ratio, which could cause an increase in your disposable income and hence the IVA payments may increase.
Thanks for your reply Melanie.
I've read the terms of the IVA and it says nothing about spouses income, the only section that could possibly be relavant is where it mentions additional income but this seems to refer to me.
I assumed that because it was additional household income it could be used towards bills and therefore IP would take 50%?
We have a joint account into which my wages are paid (as the main breadwinner) and all bills go out but he has his own account into which the new wage would go. To be honest the intention isn't to use his wage for any bills etc. but to try and help us get by every month for those unforeseen bills.
If we didn't tell the IP that he's working, can they find out? What would happen?
I could not recommend that you withold important information from your IP, but I would suggest that you be firm about your husband's disposable income. He is not party to the IVA - unless the IVA captures his full disposable income on an ongoing basis, and therefore ought to be free to enjoy the surplus at this own discretion.
Thats what I thought, no, I've no intention of keeping it from them, it just interested me to know how far they can look at your employment records and so on.
I'll have a chat with them, if they ever respond to my emails and letters!
Thank you again Melanie,
Sarah-Jane
Even though your husband will not have to pay the money in to your IVA, is income will go up, so creditors, might think he as to pay more pro rata to the household bills, which will release money from your household bills and have to pay that in to the IVA
Hi James, thanks for your input here. This is what I'm thinking, they will presume he can pay more towards bills etc. We struggle to get by every month as it is, not sure how to pay for Xmas at the moment let alone increases in bills etc. He will help to make the difference up but we really need the extra for a safety net, car breakdowns, birthdays and so on, just wasn't sure if that would be allowed.
