www.iva.co.uk

reading all the posts about extra income made me reread my proposal,the iva is in my name only but my husbands income is listed too,my proposal says i have to pay 50% of any extra income received that is mentioned in my proposal, surely they cant take 50% of my husbands overtime as well as my own, my husband has already been left with no disposable income of his own as all our income was added together and expenditure taken out.

Hi
Thats an interesting one
You would be best to speak to your IP and clarify this.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

Hallway

Although your husband's income has been taken into account during the proposal of your IVA, any additional income he earns is unlikely to be required to be paid into the agreement.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk

Hi Hallway
I would need a bit more background on your relationship with your husband . Some creditors can argue that all though the debt is in your name soley he may well have benefited of the debt and should therefore contribute toward the repayment . But if let's say you already had the debt before you met your husband and relationship is fairly recent then it would be unfair to expect him to pay for your debt? How Long have you been together? Has he benefitted off the debt?

It its is a recent and there is a papertrail to prove he inherited your debt when he met you then it may be worth having a word with your IP and challenging it but bear in mind the Creditors have the final say! They dont have to except the IVA and they are writing off a large amount of the debt.

I can confirm that your husband's overtime will definately not be taken into account in any uplift provision. The fact that he may have benefitted from the debts is of no relevance with regard to this exercise.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

thanx a lot just got in work nights ,it was just the wording on proposal that worried me,its not very often he gets overtime but im having to work 3 extra nights a month on a 4 week month just to earn the amount they put in proposal as that was done on 3 high wage slips so can do without having to give half husbands overtime too.

This is a shot in the dark - but try it anyway.

Write a letter to your IP and explain the "overtime" situation to them. If you take your last years (12 months) wage slips, add your earnings and then divide them by 12 again, this will give you your average monthly earnings. Suggest to your IP that as your average is perhpas lower than the average on the 3 high wage slips and therefore you are struggling to make the payments. You can also ask them to consider a variation meeting where they will take this into consideration. My salary fluctuates month on month and my IP based my repayments on my average annual income.

Sue

If the debts and therefore the IVA are in your name only it is unlikely that the IP will require any of your Husband's overtime, bonus, commision unless it is a guaranteed part of their income in which case it would have been used in the original calculation.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Hi hallway,

I agree with the above posts. Its unlikely that the IP will take your husbands overtime into account.

Hope this information is of use

Regards. IVA Experts