I am looking to open an IVA to help manage debts in my name. My husband lives with me so I understand his earnings will be considered when I take out my IVA. My question is, he hopes to take his pension lump sum next year, would this be ok or would this be taken by my IVA?
Generally, with most firms, his finances would be his own and his income would only be used as a guide to divide household expenses pro-rata between you, at the start of the arrangement. A few firms, among them Payplan, like to base an individual spouses IVA payment on household income, rather than that of the insolvent spouse alone -- this results in the solvent spouse, effectively, paying the others debts in part. I couldn't say for sure, but I would be concerned about things like the solvent spouses windfalls and pay rises, etc. in these cases.
This is a specific point to be discussed on initial contact with a potential provider, to see which way they think. Get any response in writing if possible.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
