www.iva.co.uk

My wife is due to recieve a bonus of approx net 1k. My IVA agreement is currently in my name soley and does not include my wife. (Although our IP include her wages as part of our household income when calculating our income / expenditure). My Question is: would I need to declare my wife's bonus as a windfall ? and if so how much of it are they likely to take? Any advice would be appreciated. Many Thanks

Hi Jed,

As far as I am aware, your wife's bonus is hers to do with as she likes.

You would not need to declare it as a windfall as it is not your money.

Thanks for the responses thats great news and very helpful. Another question if I may. Do you think it is correct for My IP to incorporate my wifes income into our agreement and adjust my payments when she recieves a pay increase?

You and your wifes income should be used to ensure that a fair proportional split of household expenses is in place. Not sure that if she gets a pay rise it should mean you have more to pay into an IVA though so argue the toss with your IP about it.

Paul

when my IVA was agreed, they said they would only need to see proof of hubby's income at the start as the IVA is mine alone.