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Posted: Fri Dec 03, 2010 7:47 pm
by bobby1969
my wife has the chance to start a new company and is not included in my iva
how will this affect me and will her credit rating be poor with me having a iva
the mortgage is in my name only
will i have to declare her new earnings to my ip and how much will thety take from us
Posted: Fri Dec 03, 2010 7:56 pm
by kallis3
Hi bobby,
Her credit rating should be ok if you have no mutual debts. You may have to let your IP know that she is earning and she is paying her way towards the household finances.
Posted: Fri Dec 03, 2010 7:57 pm
by Adam Davies
Hi
There is nothing to stop her starting her own company. Her credit rating may be affected if you have any joint accounts but she could lodge a notice of disassociation with the credit reference agencies, this may help.
You will have to declare income to your IP as the extra income may affect your disposable income as you wife contributes more to the household bills.
Regards
Posted: Sat Dec 04, 2010 1:02 am
by MelanieGiles
How will the new company affect your wife's income, as if there is any fluctuation this is sure to affect your disposable income? Is she projecting to earn as much as she is earning now, more or less?
Posted: Sat Dec 04, 2010 9:13 pm
by bobby1969
i dont think her earnings will change too much at the start more of a long term thing and better job security
Posted: Sun Dec 05, 2010 9:33 am
by bobby1969
the other question is will have to hand over half of any extra she earns she pays a % of the bills and i dont see why that would change as her money is hers and the bills are mine from before we were married
i also understand we are in this as a team and if money is owed we will pay it
just gets on my nerves to pay natwest any more after the way they treated us and refused to help when times were tough
Posted: Sun Dec 05, 2010 9:46 am
by kallis3
I think that any extra she earns is hers, hopefully one of the experts will be along to confirm later.
Posted: Mon Dec 06, 2010 10:43 am
by Michael Peoples
It will be some time before your wife's earnings become clear whether she operates as a sole trader or as a limited company. Provided she is able to draw enough or pay herself a salary similar to what she earns now, there should be no problem. If when the accounts are submitted, it is clear she has beening earning substantially more she may be expected to contribute more towards the running of the home.