Great forum. How on earth have I managed with out it ?!
Anyway... we are getting married next summer (obviously I'm not allowed to expense this in my I&E ... shocking!) But thank god for friends and family and I am planning to live with my fiancee and her two sons in their family home. She does not have a mortgage but is on a low income and some basic benefits.
My IVA completes in Sep 2011. I'm possibly facing redundancy by Mar 2011 as I'm on a government contract. I will probably go self employed.
Question:- I'm wondering if we - as a couple - will be better off if I move in earlier so that I can pay her a rental income and contribute to household bills. Is this allowed as an expense in my I&E? What is a reasonable amount for rent (currently I pay in the order of £900 a month for my flat, which I have had to give notice on as the land lord has sold it. My fiancee will loose her benefits as my current income will affect her claim.
My I must confess .... I totally unstressed about all this because I guess I feel in control and have lots of choices. Strange!! But very grateful.
Hi Lee, two can live as cheaply as one or so they say, so I'm guessing that your suggestion is a very good option. As you say your fiancée will lose some or all of her benefits due to co-habiting. However, with your rent that you pay her and a contribution to the household costs she will be no worse off, it's worth exploring and you may even find that you can contribute a little more into your IVA when you free up some of your disposable income. It's certaily allowed, you don't need to put your life on hold for an IVA x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi and congrats on the wedding! Your household income and expenditure will be assessed jointly. So you will be assumed to pay your 'fair share'; earn 70% of the income pay 70% of the expenditure. As there is no mortgage I wouldn't have thought you could pay your wife rent. Redundancy payments are classed as a windfall but you will likey be granted up to six months grace to get back on your feet. This will only be basic living tho and any extra money would need to go into the iva pot. If you don't get a payout the break still stands.
Hi Leslie, I'm confused. I thought the ip decided on how much each of you contribute to the expenses. I have put off moving in with my chap because I want to pay rent and split the bills 50/50 so he's not subsidising my iva but didn't think I was allowed to do this. Re the bills, he earns literally five times what I do so my household contribution would be minimal and I'd be rather embarrassed to be living off him!
Lesley is right. If you move in together all you have to do is pove that you are both paying your fair share of the bills. It does mean that you could be freeing up disposable income to pay across to the IVA and if this is the case, there is always the possibility that you could end up paying back 100p in the pound and possibly finishing it earlier?
Nobody should put their life on hold because of an IVA.
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
Can 50/50 be a fair split even if household income isn't 50/50? I don't want him subsidising my via. He already pays for holidays and our social life. Besides most couples I know split 50/50 and keep their respective incomes to themselves with the bigger earner treating to hols etc.
It may not be a 50/50 split, it's all about fair shares and if you don't contribute as much as him then that extra disposable will go towards your IVA. It would be something to dicuss with him and your IP. He can obviously afford the house on his own, so you could pay him bed and board.
Must admit that all of our money goes into the same pot, neither of us have anything seperate and we pay for what few treats we have jointly as well. We've always done it this way - however my parents keep their money seperate and one will borrow off the other and thn pay it back.
Can't see the point in that myself when you're married.
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
If you move in with your partner on an agreement to pay 50/50 that should be acceptable to anyone. Provided you maintain your IVA payments and your expenses do not shoot up as a result I see no issue at all. Your partner has no obligation to provide any details to your IP and in bankruptcy the OR would assume a 50/50 split of income where the non insolvent spouse refuses to provide income details.
Your partner should not have to subsidise your IVA and there is a huge difference between your situation and that of one of a couple entering into an IVA. Usually the debts have occurred as a result of joint living expenditure but this is not the case in your situation so your partner's income is no one else's business.
