Change of circumstances whilst in an IVA

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tracey618

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Post by tracey618 » Wed Apr 10, 2019 8:17 am
Can you advise me whether or not a change in circumstances; such as moving in with a new partner would impact on a current repayment arrangement. My concern is as a single person considering co-habiting with a new partner would adversely affect his credit rating and whether or not his earnings would be taken into consideration for the percentage repayments each month. I do not wish for him to have to consider repaying my debt.

Foggy

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Post by Foggy » Wed Apr 10, 2019 8:28 am
Moving in together as a couple will affect your IVA payments insofar as he will be expected to bear his share of household expenses, so your disposable income might increase. This will , in part, be offset by the increase in your allowances to cater for a couple as opposed to a single person.

As long as you get no financial links ( no joint accounts, bills etc) your IVA affect his credit score.

He is not obliged to give any of his personal financial information to your IP and they will assume a 50 / 50 share of expenses.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

tracey618

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Post by tracey618 » Wed Apr 10, 2019 12:09 pm
Thank you so much for your prompt response. My concern is as a result of someone mentioning to me that my partner's earnings would be taken into consideration and that he would be expected to contribute directly to the repayment of this debt; which frankly does not sound right to me ... Are you able to confirm that this is not the case?
Thanks again

kallis3

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Post by kallis3 » Wed Apr 10, 2019 12:35 pm
He doesn't have to contribute to your IVA - just household expenses.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

tracey618

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Post by tracey618 » Wed Apr 10, 2019 1:03 pm
Thank you.

Foggy

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Post by Foggy » Wed Apr 10, 2019 1:21 pm
Wed Apr 10, 2019 12:09 pmtracey618 wrote:
Thank you so much for your prompt response. My concern is as a result of someone mentioning to me that my partner's earnings would be taken into consideration and that he would be expected to contribute directly to the repayment of this debt; which frankly does not sound right to me ... Are you able to confirm that this is not the case?
Thanks again
There is one firm, at least, that work on household income, or, at least they used to, rather than individual income. This can result in a solvent partner paying the insolvent partners debts, at least in part. Their arguement at the time was that the solvent partner has benefitted from the debt and should help repay it. This even extended to working children in the household. Of course in your case this isn't a cogent arguement and cannot be applied to your situation.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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