I currently have an IVA in my name. My wife is looking at returning to work (part time 20 hours a week) now our children are both at school.
Am I right in thinking 50% of her wages will need paying into my IVA? Are we allowed to offset for additional spending, travel etc? Whilst we get through each month it's very tight and she will need to buy new clothing etc. for the job, is this taken into account?
Appreciate any advice.
Many thanks in advance,
Justin
Last edited by justin.m on Thu Nov 13, 2008 5:10 pm, edited 1 time in total.
You would probably just complete a new I&E as they may look at it as though your wife could contribute more into household bills which will mean you pay less into the bills and have a little more disposable to pay into your IVA.
But if you wife has increased expenditure it may well mean a very small amount if any. I may well be completly wrong but an expert will advise you soon.
You will really need to discuss this directly with your IP - who as Steve says will probably look at reallocating expenditure between you based on earnings. As your wife will be paying a little more towards the shared bills, you can expect your payments to increase as a result.
Melanie is correct, though remember that you need to also discuss your wife's increased expenditure (travel costs, work clothes etc) as a result of her returning to work.
Although your payments to your IVA will probably increase, it should not be by the full amount of the increase in the household surplus income - otherwise what would be the incentive for her to return to work.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
