After yet more advice from the collective here...
I am just putting together my current I&E for an intrim review due to my wife getting an additional job. The question is how do I show her outgoings? can I just remove them from her net take home? This is MY IVA and not hers so I'm thinking that I dont need to go into huge detail with the I&E. Or is it a broad and it is long? Also the "Allowances" as they are should i be adjusting them down at all if I manage to secure a better deal - ie phone, gas etc...
What consideration do IPs normally give to Child activities. I have 3 and they are all invoved (or want to be) in things like Brownies, Beavers, Football etc... Can this be included? Or do I just lose it in my wife I&E?
I would suggest that anyone reading this does this excercise regularaly as its quite surprising how much changes and you dont see it. Also if you can keep a rolling record it will help if there are any disputes etc...
Sorry for all the questions
Last edited by simon1883 on Fri Aug 16, 2013 2:06 pm, edited 1 time in total.
A with many questions you will need to take advice from your own IP, however the way I would calculate it would be as follows.
I would list all family income and all family expenditure, your wife should then retain her share of the joint disposable income, for example if she earns 40% of your joint income she should be able to retain 40% of the joint disposable income, your share will form your IVA payment going forward
I can remember reviewing our I&E almost every other month to ensure we were on the right track all of the time ! Follow Andy's advice and you won't go far wrong - your IP will give you all of the advice and support you need and we on the forum can help along the way too.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I agree with Andy in that you should take advice from your IP as the first port of call.
All IPs have slightly different opinions on how a joint I&E for a sole case should be presented. Andy's suggested formula is the most common approach taken by IPs, however, it would really depend on your personal circumstances.
Speak to your IP in the first instance and see what they suggest.
Ok so have put together everyone one place as you all suggest. Frightening how much we expend that I have completely missed and really don't know where it comes from!!! However, I will be presenting it to the IP as a draft as I have few estimates like company car tax etc... One thing I'm sure someone know is I have a "partners allowance" and for the life of me I can't think what it's for? Would I have been allowed to give my wife house keeping?
Not really keen on stirring a pot of poo with my IP as the current I&E setup we have gives good room for the children not to miss out which is my biggest fear the IP will consider the children's activities are superfluous...
Your 'partner's allowance' s basically her share of the surplus income when she is not in the IVA. It allows her to service her own commitments and spend her own money as she sees fit as she has no moral or legal obligation to you IVA.
I am currently going from a single persons IVA income and expenditure to to a couple, (married last month)
The IVA is in my name and I had it before I got with my wife.
How is the percentage worked out ? which gives you your (mine) share of the joint house hold expenditure, e.g , rent, water, gas, food.
In your situation it may be better that everything is split 50/50. Your wife has almost 60% of the income and if she paid 60% of the expenses your surplus would be greater. She has no legal obligation to provide any information and your IP can only assume a 50/50 split of expenses in this case.
Your wifes share of the household income is 57% and yours is 43%. It's basically the two salaries added together then worked out as a percentage.
If your mortgage payment is let's say £500 per month, then you would put down £215 as your contribution if that makes sense! This is also how you would work out your bills and housekeeping etc. It's the total amount of the expense multiplied by 43% (your share of the income).
