How will marriage affect my IVA commitment ?

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Jamesd7510

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Post by Jamesd7510 » Sun May 17, 2015 11:30 am
I am in an IVA and when I went into it I was single, im now with a partner and considereing getting married, will this affect my IVA commitment? Will my Practioner expect my new wife to contribute and thereby increase my monthly payment? Many thanks
 
 

plasticdaft

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Post by plasticdaft » Sun May 17, 2015 11:35 am
A new income and expenditure will be needed to ensure you both pay your fair share of the bills. It should be worked out on a fair split basis. I would try to keep accounts separate to avoid tarnishing your other halfs credit rating too.
You Ip will ask for details of both incomes to ensure its all fairly worked.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

relieved33

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Post by relieved33 » Sun May 17, 2015 11:53 am
It also depends on which company you are with as some do look at household income which will take their disposable income.
 
 

Foggy

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Post by Foggy » Sun May 17, 2015 12:24 pm
Your new partner will be expected to contribute to household expenses. This will, in turn, free up some of your income to go towards the payment. However, household expenses will also be increase to an extent and will need to be taken into consideration.

As mentioned above, some firms are more accommodating than others !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

lifenoteasy

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Post by lifenoteasy » Sun May 17, 2015 12:48 pm
Can you put off your marriage until after your last IVA payment?
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

mole

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Post by mole » Sun May 17, 2015 2:26 pm
As long as you can maintain your original payments, I cannot see any reason why you should even inform you IP of the marriage. That way she will be not be included in any I&E revisions.

You should also know that if you get any joint accounts, your credit score will be impacted whilst you are in an IVA, so I would not do this until you have finished.
 
 

relieved33

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Post by relieved33 » Sun May 17, 2015 3:24 pm
In my iva I had to inform them of any change in circumstances. I assume getting married is covered by this. Not informing of any change can lead to issues post last payment if you haven't got your certificate, see the posts from vlc!

Check your terms. How many more payments do you have to make? You shouldn't have to put your life on hold in an iva but go forward understanding fully any implications. I think this can only be done with a conversation with your own company but get them to put it in writing to keep if any issues crop up later down the line.
 
 

mole

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Post by mole » Sun May 17, 2015 9:08 pm
Interesting relieved, I cannot see anything in my proposal that says I need to inform them of any change in circumstances. Change in circumstances is such a wide brief.
 
 

Lisa Thomas

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Post by Lisa Thomas » Mon May 18, 2015 12:10 pm
Hi Mole. If it's not in the main content of the proposal it should be in the T&C's attached/appended to the proposal. I agree with Relieved - don't put your life on hold for sake of IVA. Your IP should work out everything fairly so even if the contributions change a bit it should be fair and achievable.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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