My partner is just into an IVA. We are cohabiting and my income expenditure has been included in his IVA. I own and am selling a small flat to fund a years study at university for my Masters. I'd like to pay off a car loan in my name, but how will this impact on his IVA? Does he need to report this change immediately or is it covered at the next annual review?
If the extra available cash is say £450 how much would be claimed by the IVA? This raises another question as I've been reading up on the allowances, and there's a number that we haven't claimed, would this be a variation or wait for annual review?
Anything else I should consider. It is not a joint IVA the capital from the sale is mine. Is there anything else I should consider?
As long as you are not with Payplan your income and changes in your expenditure will no longer be of any concern to your partner's IP. Most firms only use the solvent partner's I&E to calculate their fair share of expenses at the start. As regards the expenses you have omitted you will probably have to wait for the review to come around to try to add them ... not always an easy task if they haven't been agreed at the outset.
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