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?
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.
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
He will also have to prove he is no longer gambling.
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