I've been accepted onto an IVA paying back 120 a month for the next 45 months followed by 15 months at 420 (HP of 300 ends). My debt is just over 22000 and based on the above Im paying back 11700. My question is what happens if my partners gets a job. (currently a stay at home mum looking after 4 children, so would be evening, night or weekend work probably bringing in an extra 800 a month). I know I add 50% of my wage increases to the IVA, Does all her wage go towards the IVA or is it the same 50% rule, or maybe something different?
If it is 50% (400) we will be finished paying back in just over 42 months. which in my opinion seams a little unfair as the IVA has been agreed to payed back over 60 months. which we you consider the HP mentioned above means my partners only needs to add 175 a month ((120+175)*45)+((120+175+300)*15)= 22200.
I understand that I've messed up and got into these debts and its 100% my fault and that i should pay them back and I'm happy for the extra 50% of my own wage got into the IVA but throughout the application I was told the repayments needed to be fair, which for my partner I think 50% is too much when shes not required by the IVA to contribute anything!
Does anyone have any experience with this, that can give me some insight?
Which company are you with? Some, such as Payplan will take your wifes income into account when setting your payments.
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
Normally your wife's income and money is her own and will only be used to calculate her pro rata share of allowances (as her income increases she will be expected to bear a bigger share of expenses, lessening your share, so your IVA payment might increase a little because of this. If she refuses to give details, which is her right, they assume a 50 / 50 split of expenses.
Now, I say "normally" because some firms take household income as one lump, in which case the solvent partner does end up paying the debtors debts in part, Payplan being one such firm.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If your partner does find a job this will lead to expenses anyway whether childcare, travel, meals at work etc. The best thing is to do a new I&E and see what is affordable but bear in mind your partner's surplus income is hers to keep and not for your creditors. A new job may only lead to a small increase in IVA payments but as a family you could be much better off.
