Joint/Interlocking IVA

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r_c

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Post by r_c » Tue Jul 22, 2008 2:18 pm
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I have a couple of query regarding interlocking/joint IVAs.

When I looked into IVAs in 2006, my partner (now husband - we got married in May this year[:D]) and I had a personal loan and overdraft in joint names. We were advised that we both needed to enter into IVAs. All of the remaining debt was in my name and before we met so he didn't benefit from any of it. We had separate documents and we both had to complete separate i&e sheets. My husband's income & IVA payment was detailed on my i&e sheet and the surplus amount was what my payment would be and vice versa. Just over one year in my husband settled his IVA early. My monthly payments stayed the same (his income added to mine, all expenditure taken off then total remaining is what my monthly payment is). In a previous post I asked Melanie what proportion of the monthly expenditure I would be expected to pay. Melanie suggested that it should be 42%.

I have no problem whats-so-ever in paying as much as possible - it is my debt afterall! However, I don't see why my husband's surplus income should still go towards my IVA payment - am I wrong in thinking this when he has already ended his IVA early?

Our monthly income is £2546 (£1087 me & £1459 husband) and our expenditure is £1775 - this is taken from the i&e sheet so already has contingency, dental included. I work 42% of the total monthly expenditure to be £745.50 which if you take this off of my income it would leave a surplus of £341.50 available for my IVA. I currently pay £597.

My question is - does my husband's surplus income still have to be included even though his IVA has been completed and we have got married?

My annual review is coming up and I would like to take this up with my IP so sorry for the long winded post. I would just like to get my facts right before contacting them.

Many, many thanks for your help it is very much appreciated.

Best wishes,
r_c
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Viki.W

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Post by Viki.W » Tue Jul 22, 2008 3:39 pm
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Hey r_c, I'll bump this back up for you for the experts. X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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r_c

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Post by r_c » Tue Jul 22, 2008 3:58 pm
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Thank you very much Viki [:)]
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MelanieGiles

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Post by MelanieGiles » Tue Jul 22, 2008 5:27 pm
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I cannot see why you are continuing to include your husband's surplus income - if he has settled his IVA, then there should have been an adjustment in your payments to reflect that. It does seem quite odd to be honest.
Regards, Melanie Giles, Insolvency Practitioner
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r_c

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Post by r_c » Wed Jul 23, 2008 8:47 am
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Thank you very much for your reply Melanie. I will raise this with my IP. I just wanted to get my facts right first!

Many thanks again for your help and advice.
r_c
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