Thinking of IVA

[mark1973]

Hi all this is my first post so any help will be much appreciated.

5 years ago I seperated from my wife, lost my driving license and job and managed to get myself into about 35K worth of debt. I have since got my license back, got back into work and now live with my new partner and 2 year old son.
However I am still struggling with the debts and think an IVA may be the only way forward for me, but I have a few questions for anyone who can help.

1:\ The house we live in is rented in the name of my partner as are all the bills. I just pay half of all the bills/rent to my partner each month. How is this taken into account in an IVA

2:\ All the debts are in my name and were aquired before I met my new partner, so can I just keep the IVA in my name without getting my partner involved?

3:\ I manage to negotiate reduced payment plans with most of my debts how will this affect a move to an IVA?

Thanks for lissoning and any help would be appreciated.

Mark

[luluj]

Your partner's income will be taken into account, but only to ensure the % you pay is a fair amount.
The IVA will be in your name and should not affect the current tenancy agreement as it is in your partners name.
The creditors will be aware that you are moving from DMP to IVA and in theory can expect to receive more this way so should be quite happy.

[Adam Davies]

Hi
1]Your IP will ask for income details for both of you just to ensure that you ae paying a fair proportion towards the household bills i;e if you earn 60% of the total income you should be paying 60% of the household expenditure.

2]The IVA will be for your ebts only and your partner will not be involved and they wil not impact on her directly

3]The fact that you have negotiated reduced payments will not have a bearing on the outcome of your IVA
regards

[ianmillington]

Hi Mark

1. I would expect your partners income to be shown ion your proposal primarily to demonstrate transparency i.e that you are not ringfencing her income and that you are both contributing.

2. As you owe all the debt your partner will not be a party to it. However, by virtue of 1 above she is affected by it and will need to give her consent. The IP should recommend that she takes independent legal advice and obtain a statement from her saying whether she has elected to do so.

3. Basically the amounts you actually owe will be included in the VA. The reduced payments you previously made should only be relevant to most of your creditors in that they show you to have a history of taking this seriously, so generally it ought to help you.

Hope this helps

Ian