Is it worth clearing my wife's IVA?

[Brian.baf]

Both my wife and I have IVA`s, which have been going for approx 3 yrs. My wife has been offered the money to clear her IVA by a family member. My question is, is it worth it because when my review comes around they will note I have We have an extra £170 available as a result of not having to pay her IVA any more. So they could increase my payment accordinly...

[MelanieGiles]

If the money is being given to your wife as a loan, wouldn't she need to be repaying the loan at the same rate as her original IVA payments?

[Brian.baf]

Hi Melanie. No the loan has been offered to clear her debt, and not to be paid back until we both come out of our IVA `s and get back on our feet

[MelanieGiles]

I suggest that she treats it as a loan - or else you are right that her disposable income may well need to be included in your increased payments to creditors - and there will be less left to pay once the IVAs are completed.

[Brian.baf]

Hi must be getting late..... So you are suggesting take the offer pay off the IVA and declare that she is paying a loan on the IVA expenditure review ?? Sorry if I appear not to grasp this

[MelanieGiles]

I think that this is the most sensible way forward - given that you have accepted that the money is a loan which has to be repaid at some stage.