Had my IVA approved back in November, and all going well. The IVA is in my name only and is only paying my creditors.
My wife works 2.5 days a week, but has the option of going full time. Would the additional income increase the payments into my IVA ?
The terms of my IVA state that any additional income over 10% of that stated would have to be given over (well 50% of it), but I am unclear if that just refers to my own income as it is my IVA.
What I am trying to establish is if it is worth my wife doing the extra time, as if we have to give it straight into the IVA then there isn't really any point.
You may find that your payments increase, purely because your wife will be contributing more towards the household expenses if she goes full time. This will free up more of your income to be paid across to the IVA.
If she does do this, you would need to fill in a new I&E to take into account the increase in the household income.
The 10% clause relates only to any overtime/bonuses earned by you as far as I am aware.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Hi
I think Jan is correct on this one. Any increase in household income will be taken into account and will increase your disposible income and hence payments.
Check it out with your IP.
Regards
Sometimes the contribution to household expenses is done in proportion with individual partners net income - sometimes it is just one pot. Check with your IP as to the method he/she wishes to adopt.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
