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Hi, I have circa 80K debts. I am currently in a DMP with Payplan but contemplating and IVA. I currently have a mortgaged flat with my wife, she is part owner. What I want to know is whether me being in an IVA will effect her finances and income each month. Shes about to go on maternity leave but after this will be returning to work. All the debts are in my name, as I understand it the IP creates a budget for you to stick to - in my situation would that be a budget including my wifes income as well?

There are lots of imponderables here, how long have you been together, how much equity is in the property, is it all her equity or is some yours etc. I can only say that you should take professional advice. IVA.com provides reviews of many IVA companies if you wish to have a look on there.

Yes your household income would be combined.
Mine was!
Z
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Zoe
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Keep your chin up - everything happens for a reason!
View my blog http://zoes.blogs.iva.co.uk/

We combined our income to work out my share of household bills. As the split was 40/60 in my wife's favour, she pays 60% of household bills, and me 40%. Other than that she hasnt been effected too much

Exmaple if monthly household bills were £1000. My budget would allow for £400. She pays £600, and spends the rest of her income as she wishes.

The other posters are right, and you will need to face raising equity on the property during the final year based upon your share.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

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http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp