Husbands IVA

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elaine260
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by elaine260 » Sun Dec 30, 2018 8:57 am
My husband has gambled heavily over the last 18 months, costing us about £20,000. He’s always sorry, but this time he’s finally sunk our household. I am 18 months from clearing my own bankruptcy caused by my divorce and subsequent loss of my business. We are not financially associated and all debts are in his name. He needs to enter an IVA, but I’d like to know how much this will cost me from my wages. Can anyone help please?
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Foggy
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by Foggy » Sun Dec 30, 2018 10:27 am
With most providers it will cost nothing from your salary --- he will be responsible for his own debts. Your salary will be used to calculate his share of the household expenses --- so, if you earn roughly the same as each other those expenses will be split 50 / 50 (also 50 / 50 if you refuse to give your income details). However if, say, you earn more, you would be expected to shoulder more of the day to day expenses .... and vice versa.

Payplan, however, often roll all household income together, in which case your disposable income would also be part of the IVA payments, once the payments on your BR are concluded. Sometimes others will, with your permission, if his salary alone is insufficient to support his IVA unaided.
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kallis3
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by kallis3 » Sun Dec 30, 2018 10:59 am
He will also have to prove he is no longer gambling.
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Lisa Thomas
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by Lisa Thomas » Wed Jan 02, 2019 9:45 am
He might need to try a Debt Management Plan for a few months to build up some gambling free history before proposing an IVA.

6 months is standard but with one of my debtors,his creditors accepted it after 3 months, although it was different circumstances.
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Lisa Thomas
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by Lisa Thomas » Wed Jan 02, 2019 9:46 am
Is there any reason you feel he needs an IVA, rather than bankruptcy (or a debt relief order if debts are under,or can be brought under, £20k?)
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