I have been in an IVA for a year next month.
I live with my partner and 2 children, and my debt is in my name only.
I work 30 hours, we also receive tax credits and my partner is currently unemployed as he looks after the children.
My youngest child is starting school in September and my partner is looking to hopefully find a job.
my question is: will my partners income have to be paid into my IVA? I was told when signing up that it would never effect him but this seems too good to be true! I would be grateful if someone could kindly clarify this for me. Thank you
The vast majority of IVA's are based on the insolvent spouses income only and the solvent spouses income is just used to calculate a fair share of household expenses. If the solvent spouses income is not declared they will assume a 50/50 split. I only know of one firm that takes both incomes into the IVA payment when only one partner is in the arrangement
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy wrote:The vast majority of IVA's are based on the insolvent spouses income only and the solvent spouses income is just used to calculate a fair share of household expenses. If the solvent spouses income is not declared they will assume a 50/50 split. I only know of one firm that takes both incomes into the IVA payment when only one partner is in the arrangement
