Husband applying for IVA whilst I am already I one

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nikki575
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by nikki575 » Wed Jul 04, 2018 8:22 am
I currently have an IVA and my husband's income counts towards the contributions to the household income so that they can calculate how much I pay. My husband is having health issues and needs to now look at following an IVA or Bankruptcy himself. How do our combined incomes affect his IVA if they are already maxed out for my own?
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Foggy
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by Foggy » Wed Jul 04, 2018 8:29 am
nikki575 wrote:
I currently have an IVA and my husband's income counts towards the contributions to the household income so that they can calculate how much I pay. My husband is having health issues and needs to now look at following an IVA or Bankruptcy himself. How do our combined incomes affect his IVA if they are already maxed out for my own?


His income should not be "maxed out" on your IVA. Most firms simply use the solvent spouse income to work out their fair share of household expenses and do not actually touch the income. Payplan, however, do often use the solvent spouses disposable income to pay towards the IVA. But, even in that case, the payments the solvent spouse has to make towards essential bills (share of expenses and own loan repayments) would be left intact and, so will be available for his IVA payment should he go into one. Clear as mud ??
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Lisa Thomas
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by Lisa Thomas » Wed Jul 04, 2018 9:32 am
You may need to complete a new I&E if/when your husband enters an IVA (or an IPA in BKY) to check you can still afford your payments.
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