i have just entred my iva of which a clause was added that as i have a non-dependent son living with me, he should make a reasonable contribution to the household when he gained employment.
Question, what is a considered a reasonable contribution.
It's to make sure that he contributes a fair share to the household expenses. That will depend on his income once he starts to work.
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The test of reasonableness is largely left with yourself - but I would say at least £50 per week to cover board and lodge if his income were sufficient to cover this. As this would represent additional income for you, as well as perhaps reduced costs, your disposable income into the IVA could expect to increase in direct proportion.
Either of two ways - compare his net take home pay to yours and pro rate it or suggest the £50 per week which in fact would go straight into your IVA and you would have no reduction - check with your Supervisor (IP) when the time comes.
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.
