Good Afternoon everyone
Just wondering if anyone had an insight to this.
I’m just going through my paperwork ready for my review in July .
On my expenditure form from the IVA company under income it has my partners monthly PIP Income.
Are they allow to add this to my income as the debt is in my name not a joint debt.
Regards Bob
Normally, in the case of a solvent and an insolvent partnership, the solvent partner's income is only used to calculate that partner's pro rata share of expenses and is not used to make up any of the IVA payment. However a few firms do use joint income, which, in effect means the solvent partner is paying towards the insolvent partner's debts.
PIP is counted as income in either case, but, if used as part of the IVA payment, should be offset by corresponding expenses --- those expenses it is designed to cover.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
