I am two months into my IVA and it is clear I am struggling to reach the repayment. I owe in total £26953.96 in unsecured loans my monthly IVA is £328.19. I have been living with my partner for a few years and that was taken into account when I started my IVA. The problem is now is that my partner has taken out a loan to help pay for our wedding. This means her outgoings have increased. Subsequently my outgoings into the household have increased. All of the debts in the IVA are in my name and she doesn't wish to take out an IVA as she owns her own home and can afford to repay her one and only loan.
Will my IVA provider (Payplan) help me in trying to get my monthly repayment down? I've spoken to them briefly on the phone and they suggested my wife going into an IVA agreement. Something we are both very much against. Please any advice?
Your IVA payment should only be based on your surplus income and not your partners. However is she has not borrowed too much and needs you to pay more than your fair share of the bills or help repay the loan, then your creditors are unlikely to support this.
You need to do an income & expenditure account to see what is really affordable for you and your partner and then decide the way forward. If your partner can afford the loan she does not need an IVA provided you are left enough to pay your fair share of the bills.
I was trying to be diplomatic Foggy as I cannot say for sure what they did. I do not want to assume they took all the surplus even if this seems to be what other of their clients have said in the past.
I would love to see the original I&E from the proposal to see what we would have done with the same information.
Sounds to me like she is in an iva if Payplan are taking her disposable income too !
If the loan is out of her disposable income, I cannot see how they can do anything else but adjust the payment. Hardly a incentive from payplan not to take further loans if you are the non iva partner.
When I asked Payplan about my husband keeping his surplus income I was told that they base payments the total household surplus & not just mine
Really wish I had found this site 5 years ago!
