www.iva.co.uk

hi, imthinking of an iva to solve my recent problems. i was just woundering how it will effect my wife. all debts are in my name. will she have to pay the monthly amount or be counted as an income as she earns a wage.
also if i start a 5 year iva and want to finish early is it possible

thanks

Hi James + welcome to the forum.

I'm in the same position as your wife, all the debts are in my hubbys name and therefore the IVA is all in his name. However my earnings are taken into account to ensure I'm paying my way towards household expenses.

There is a way of finishing an IVA early if you can come up with a lump sum - this has to be approved by your IP.

You'll get more advice though so stick around...hope this helps.

Julie x

I wish all my debts were in the wifes name I could have just done a runner!!!












Only kidding(she'd cut off my danglies).
As Swansgirl says your wife will be affected in that he income will be included to work out a fair split of all household bills.
You may be able to offer a full and final payment right away in your IVA but it has to be worthwhile for your creditors ie if you could spare(only an example) £500 per month over 5 years would total £30k,a full and final offer to pay off creditors early would have to be decent enough or they would just want you to go the full 5 years.
Remember that a full and final offer can be made at any point(i believe) during your IVA so dont borrow big just to make an offer as it may not help long term.
Do you have equity in any property??

Your wife's disposable income will only be taken into account if she has a surplus - ie after she has paid all of her monthly commitments including payments to any creditors she also has. It may be possible to exclude her income, but in my experience only in very special circumstances, where it can be clearly shown that she cannot have benefitted from any of your borrowings.