Is it worth clearing my wife's IVA?

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Brian.baf

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Post by Brian.baf » Wed Sep 15, 2010 7:52 pm
Both my wife and I have IVA`s, which have been going for approx 3 yrs. My wife has been offered the money to clear her IVA by a family member. My question is, is it worth it because when my review comes around they will note I have We have an extra £170 available as a result of not having to pay her IVA any more. So they could increase my payment accordinly...
 
 

MelanieGiles

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Post by MelanieGiles » Wed Sep 15, 2010 9:53 pm
If the money is being given to your wife as a loan, wouldn't she need to be repaying the loan at the same rate as her original IVA payments?
Regards, Melanie Giles, Insolvency Practitioner
 
 

Brian.baf

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Post by Brian.baf » Wed Sep 15, 2010 10:06 pm
Hi Melanie. No the loan has been offered to clear her debt, and not to be paid back until we both come out of our IVA `s and get back on our feet
 
 

MelanieGiles

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Post by MelanieGiles » Wed Sep 15, 2010 10:18 pm
I suggest that she treats it as a loan - or else you are right that her disposable income may well need to be included in your increased payments to creditors - and there will be less left to pay once the IVAs are completed.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Brian.baf

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Post by Brian.baf » Wed Sep 15, 2010 10:44 pm
Hi must be getting late..... So you are suggesting take the offer pay off the IVA and declare that she is paying a loan on the IVA expenditure review ?? Sorry if I appear not to grasp this
 
 

MelanieGiles

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Post by MelanieGiles » Thu Sep 16, 2010 8:13 pm
I think that this is the most sensible way forward - given that you have accepted that the money is a loan which has to be repaid at some stage.
Regards, Melanie Giles, Insolvency Practitioner
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