if i should move in with or marry my boyfriend?

[emmadj]

Hi
I am currently in a dmp with payplan(which is due to last for the next 11 years and leaves me, as is necessary, without any money for self improvement through for example training or saving or for any comfort) for debts of approximately £16K. However, payplan have just contacted me to let me know i am now probably eligible for an iva. I understand that this will shorten the period of my debt repayments and prevent any further interest or charges which is fantastic, but I am concerned about something which may sound a little silly, but is very important to me.
What is the impact of an iva or dmp if i should move in with or marry my boyfriend?
Would his income suddenly be cut into also?
Would I have to declare his income?
He is going to be buying property in the next year, would this suddenly be liable to my debts?
I don''t want to be responsible for a downturn in his fortunes and making us both live an uncomfortable existence without social life, savings, home repair or hobbies.
The debts were all generated and defaulted before my partner and i met so i dont see why they should be his responsibility.
I am now 29 and am trying to decide if it is going to be necessary to asign myself to a life without a chance of having marriage and children or a decent career because of financial mistakes i was forced into as a younger woman, or if an iva may be a solution.
any advice you can give me would be appreciated.
If you do publish this in your forums, please do not share my email address or my full name.

[UpToMyNeck]

Hi Emma,

I am sure one of the experts will be along to give a more rounded answer to this, but I am just at the start of the IVA process, the debts are all mine, and I live with my girlfriend. When the information is gathered, it has to be shown that your partner is contributing a fair share towards the household expenses (rent/mortgage, bills, food etc) on a pro-rata basis. So for example, you couldnt say you had to pay all the rent, bills etc and because of that you could only afford, say £100 into an IVA. The IP will be looking for evidence that your partner pays his fair share, leaving more spare money for you to pay towards your IVA. If the IVA was started before you moved in with him, I would imagine your change of circumstances would have to be declared at the annual review, when a revised income and expenditure breakdown would be needed. Personally, my IVA will be in my sole name, nothing to do with my girlfriend, apart from having her income taken into account in calculating what I am able to pay into my IVA. I think that is accurate, but one of the experts will correct me if I am wrong. Best of luck. [;)]

[emmadj]

Thank you so much, that is sounding very very reassuring. [:D]

Debt can really make you feel like such a social pariah... I wasn't really seeing myself as much of a catch! So it sounds as though as the IVA would be in my sole name, if we were to move in together, his income would only be relevant to paying a fair share of household expenses.

I hope you don't mind me asking, but has it affected your girlfriend's credit rating?

[size5]

Welcome along emmadj,

I think that UpToMyNeck has pretty much summed things up very well, just to further confirm though, that in the circumstances you describe then your boyfriend/new husband will in no way become liable for your debts.

Regards.

[emmadj]

thank you both, i really appreciate it. i can feel my spirits starting to rise already!
an iva sounds like a good way to finally settle my debts and so much more quickly and cheaply than my dmp.

[UpToMyNeck]

Hi Emma,

Your IVA wont affect your partners credit rating. In my case, it didnt apply because my girlfriends credit record was crap anyway lol [:D]. She has her own DMP that she had in place before we met. And as for feeling like a social pariah, I wouldnt worry too much about it, I'm sure your partner isnt that bothered about your debts as he is in you, and noone else needs to know about it apart from the people that matter.

[size5]

Just one thing emmadj, how much are you currently paying on your dmp with payplan? I suspect it isn't a great amount, which does indicate that they may want you to increase your contributions from your current level. Has this been discussed and are you in a position to do this if required?

Regards.

[emmadj]

i am currently paying around £127/month. My advisor at payplan suggested an iva would be possible from around £120. I have no spare money as I am on a dmp.
It is difficult enough dealing with day to day stuff like affording food, dealing with household bills or making up excuses as to why i can't go to the work christmas party! There just isn't any more money to spare.

[size5]

Ok, that is fine. I was just a little concerned as the majority of IVA providers won't look at proposals of less than £250, sometimes £200, per month. If they are happy to look at it at your current level of contribution and are confident of getting it through then you have absolutely nothing to lose whatsoever by having a crack at it and I wish you all the best with it.

Regards.

[emmadj]

i must admit i was very worried about that, i have seen a lot of 180 - 250 monthly payments being discussed!
thank you very much for taking time to write and put my mind at rest.
I am writing to payplan now to ask for an appointment with their iva team as my advisor there suggested.

[size5]

My pleasure, do let us know how things turn out and don't hesitate to post again if you have any further queries or questions, there is generally always someone around to help you.

Regards.