percentage of partners income

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no money eva

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Post by no money eva » Mon Mar 03, 2008 5:35 pm
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Hoping that someone has an answer. I am in the process of applying for an IVA. my question is if my husband gets a promotion is he entitled to keep this extra income in order to pay his creditors (2 in total) not enough debt for an IVA, so everything can be paid and done within the 5 years. He extra approx 75% more than I do in a month.

Thanks in advance again.
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PoorbutHappy

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Post by PoorbutHappy » Mon Mar 03, 2008 5:54 pm
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With us we split household bills in proportion of income. So say if you both earn £1200, and have say household bills of £1500, split it 50/50 and both contribute £750

You then take off your general expenses/allowances, and pay rest into IVA.

If his pay went up to say £1800. the spit would now be 40/60, so you would be expected to pay 40%, ie £600. The difference (ie £150) would probably go into IVA.

(if its 1000 & 1750 then the split is approximatley 36%/64%)

He can spent the rest as he wishes, thou us blokies usually need appropriate guidance...apparently
Last edited by PoorbutHappy on Mon Mar 03, 2008 6:03 pm, edited 1 time in total.
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MelanieGiles

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Post by MelanieGiles » Mon Mar 03, 2008 9:04 pm
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Great answer from PoorbutHappy, and well explained. Non-insolvent partners should not continue to suffer due to the debts of their partners.
Regards, Melanie Giles, Insolvency Practitioner
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