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Posted: Mon Sep 17, 2007 9:19 am
by matthew.h
I currently pay £426 per month into an IVA. At present i am re-locating through work, therefore i will receive an increase in salary, as well as an increase in expenditure. My partner will be moving in with me, as we will now need to rent a place to live. I have been asked to complete a new income & expenditure form do i need to include my partners income on the form? If yes WHY?
Posted: Mon Sep 17, 2007 9:25 am
by Lisa2009
It is usual to include your partners income and show what your parner will be paying towards household costs and bills
Posted: Mon Sep 17, 2007 9:29 am
by Oliver
This is done to show that you are not in any way paying more than your fair share of the household bills etc.
Best Regards
Oliver
Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at:
www.thomascharles.com/about_us.asp
Posted: Mon Sep 17, 2007 9:35 am
by iva experts
Welcome to the Forum Matthew,
Yes you will have to fill in the new income and expenditure showing your partners income. This is to show that you are paying a percentage of the household bills that you can afford. This is completely normal.
Best Regards. IVA Experts
Posted: Mon Sep 17, 2007 12:13 pm
by iva_squirrel
Hi matthew and welcome,
This is a normal procedure so that you can both demonstrate that you are paying a fair share towards household bills.
Regards,
Michelle P.
Posted: Mon Sep 17, 2007 12:26 pm
by barbervi
I am interested in the replies that the joint I/E is in order to confirm one is paying a fair share... how is the share calculated? Is it means tested i.e the sahre representitive of the individual's income or merely assumed (in respect of a couple) a 50/50 split?
Posted: Mon Sep 17, 2007 12:42 pm
by MelanieGiles
It is based on the same ratio as your earnings.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Posted: Mon Sep 17, 2007 12:58 pm
by barbervi
thanks Melanie, to clarify then (and please excuse me for my ignorance) If I earned 500 pcm and my partner earned 1000 pcm (total 1500 pcm) and household expenditure was 900 pcm it would be reasonable to expect my share to be 300 against my partner's 600 (i.e. 1/3 to 2/3 in the same ratio as the income?
And thus if I were paying half, 450, and my partner the other half then the IP (or whomever) may consider that my partner is not paying enough and thus any IVA proposal would require a reduction in my share so as to free more of my personal income up to make available for an IVA?
BTW the amounts above are simplified for the example and not representitive of real amounts...
Posted: Mon Sep 17, 2007 1:10 pm
by Oliver
That is correct.
Best Regards
Oliver
Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at:
www.thomascharles.com/about_us.asp
Posted: Mon Sep 17, 2007 1:23 pm
by barbervi
Thanks...
So would the reverse also be true, If I were proposing an IVA, earning 1000 pcm of which 600 went toward household expense (leaving 400 disposable)and my partner earned 500 pcm of which 300 went toward household expense then the creditors (whilst able to reject the proposal) couldn't reasonably expect my partner to share half the household expense (450)? Thus an IP would not neccessarily insist on a reduction of may share of the household expenses?
Posted: Mon Sep 17, 2007 1:24 pm
by MelanieGiles
Also correct!
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp