My partner has recently told me of his IVA

[lily.27]

My partner and I have been living together and recently he has told me he has a 5 year IVA which was agreed at the start of the year. At the point he applied he was not living with me. The house is owned by myself outright and has no outstanding mortgage and I earn a fair income, slightly more than my partner. I have a few questions that I can't seem to find a straight answer for. How will these changes in living arrangements affect the IVA?
How does an IVA affect credit ratings and any future mortgage applications either lone of joint?
Also if we were to marry would the IVA have any leverage on my house and savings?

[Cath]

Your assets are your own and will not be affected by your partners IVA.

He will need to submit a revised income and expenditure breakdown to his IP to show his revised contribution to the home.

It's unlikely that he will be able to get a mortgage for at least 6 years from the start date of his IVA and credit by way of personal loans is not allowed in an IVA.

[lily.27]

Really helpful - thanks to you both for your quick reply x

[MelanieGiles]

You are unlikely to be affected by his IVA - however his payments may be adjusted if his new living arrangments have any impact upon his financial situation. If he is going to be paying you the same rent and bills as he was originally paying at his old residence, then there will be little change to be frank.

[zzalsnp]

Please can someone give an example of how to work out the contribution/allowance for a partner not in an IVA?

If the IVA proposer earns 75% of the income, how do you work out how much they need to pay to the partner not in the IVA.

All of the debt is in the name of the IVA proposer.
Thanks

[Broke of London]

Hi - as you earn 75% of household income it will be assumed you pay 75% of household bills. However, all ivas are individual and you would need to talk to your ip about your own circumstances.

[zzalsnp]

Thanks Broke,
My circumstances have changes slighly since I applied for an IVA so I just needed a formula or explanation so I could amend my forecasts. But as I'm slowly realising, IVAs are all different and there is no set script.
Regards, Nick

[Broke of London]

First you and your partner need to come to a financial arrangement that you are both comfortable with. Then you can put this to your ip and discuss it. As long as the ip doesnt consider your contribution to the household to be excessive you should be fine. Congratulations on your relationship going well x

[MelanieGiles]

Nick

We'll look at this together when the time is right - which I expect will be early on in the New Year as I think we now have all of your documents.

There are several ways we can approach this depending upon your actual circumstances, and the length of the relationship.