I am currently drafting an IVA with my IP. i AM SINGLE BUT LIVE WITH MY GIRLFRIEND IN HER HOUSE. Does the IVA have to be based on joint income rather than just mine?
Usually the IVA is individual and should be based on your income alone. However her income will be taken into consideration for the purposes of calculating your fair share of expenses. That said, some firms take HOUSEHOLD income to arrive at the IVA repayment, which effectively means she will be paying part of your debt.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Also draw up a rental agreement with your girlfriend plus disassociate yourself from any joint accounts before going into the IVA.
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.
I agree. Paying a reasonable rent is a better idea as it keeps your girlfriend out of this and also no one can claim that you have/are acquiring an interest in the property. Some creditors will even look for equity to be released in such circumstances or the IVA extended by a year so make sure your IP firm does this properly.
