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Posted: Mon Mar 03, 2008 5:35 pm
by no money eva
Hoping that someone has an answer. I am in the process of applying for an IVA. my question is if my husband gets a promotion is he entitled to keep this extra income in order to pay his creditors (2 in total) not enough debt for an IVA, so everything can be paid and done within the 5 years. He extra approx 75% more than I do in a month.
Thanks in advance again.
Posted: Mon Mar 03, 2008 5:54 pm
by PoorbutHappy
With us we split household bills in proportion of income. So say if you both earn £1200, and have say household bills of £1500, split it 50/50 and both contribute £750
You then take off your general expenses/allowances, and pay rest into IVA.
If his pay went up to say £1800. the spit would now be 40/60, so you would be expected to pay 40%, ie £600. The difference (ie £150) would probably go into IVA.
(if its 1000 & 1750 then the split is approximatley 36%/64%)
He can spent the rest as he wishes, thou us blokies usually need appropriate guidance...apparently
Posted: Mon Mar 03, 2008 9:04 pm
by MelanieGiles
Great answer from PoorbutHappy, and well explained. Non-insolvent partners should not continue to suffer due to the debts of their partners.