www.iva.co.uk

Is my partner's income included or not??

I have read various posts about the inclusion of a partner's income and just when I think I understand, I find another post that says something else!!

My partner and I do not currently live together but are planning on buying a house together.

I currently have an IVA and was not with my partner when it started so he has absolutely nothing to do with the debts.

I understand that when we move in together my IP will want to know his I&E to make sure we are both paying our fair share of the household bills but my question is, if my partner has disposable income, will the creditors expect this to be paid into the IVA?

Also, what is a fair share of the household bills?

My partner is happy for the 4 year equity clause to go ahead and he is also willing to pay a bigger percentage of the household bills including the mortgage to enable me to continue to make payments into my IVA. So, my IVA payments will not be affected in anyway.

My IP has asked for my partner's I&E but I am currently undergoing my annual review and I'm not sure if I should submit an I&E based on my current circumstances or an I&E based on my potentially new circumstances or both.

Help!!!

Hi Lollie
A fair share of household bills would be equal to wage earned so if you earn the same you would pay 50% and he 50%. If you earn less then the percentage you would pay would be less.
I would ring and speak to your company and ask so that you are clear on what to do, and understand fully.

Ang

Hi Lollie

It is fair of the IP to ask for details of your partners income to establish whether you are able to make an increase in contributions. However, I would suggest that must be based on the premise that in certain respects 2 can live as cheaply as 1 (i.e your expenses have gone down) rather than your partner directly subsidising your IVA. Having said that, you need to look at what the proposal and any modifications to it actually say.

On the basis that you say you have a year 4 equity clause, I assume you owned a house at the start of the IVA? If so, what has happened to that property?

Ian