Partners overtime....why wasn’t it included?

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paddington1

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Post by paddington1 » Mon Nov 12, 2018 6:54 pm
Partners overtime....why wasnt my partners overtime included in original income calculations. Im in a single Iva do they not include solvent partners overtime? My husband gets overtime some months and nothing for others but he isnt in the Iva. Please can someone explain...many thanks

Foggy

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Post by Foggy » Mon Nov 12, 2018 7:06 pm
paddington1 wrote:
Partners overtime....why wasnt my partners overtime included in original income calculations. Im in a single Iva do they not include solvent partners overtime? My husband gets overtime some months and nothing for others but he isnt in the Iva. Please can someone explain...many thanks
The solvent partner's income should only be used at the start of the arrangement to ascertain their fair and proportional share of the household expenses. They are quite within their rights to withold this information, in which case the IP will assume a 50/50 split. After that his fanances are entirely his own business. Overtime fluctuates and cannot be guaranteed so will not affect his "share" of expenses in the long term.
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

MerlinL14

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Post by MerlinL14 » Mon Nov 12, 2018 8:14 pm
If your partner is not in an IVA then they are under no obligation, no matter what your IVA company says, to divulge any income or financial information to them. As Foggy says, best option open to them is to assume 50/50 split of all bills. Don't be bullied into giving them any financial information of a solvent partner they have NO RIGHT to demand.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues

luluj

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Post by luluj » Mon Nov 12, 2018 10:58 pm
Totally agreed. Your partners overtime is his business not of your IVA. His salary would have been used to ensure fairness of expenditure within the household compard to income.
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Lisa Thomas

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Post by Lisa Thomas » Tue Nov 13, 2018 9:26 am
IVA stands for Individual Voluntary Arrangement

Your partners income has nothing to do with your IVA EXCEPT when some firms will ask for details when calculating the household income and calculating your share of expenditure and surplus available for contributions into the IVA.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

whattodo17

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Post by whattodo17 » Thu Nov 15, 2018 3:12 pm
Foggy wrote:
They are quite within their rights to withold this information, in which case the IP will assume a 50/50 split.
Should your partner earn more than you, would it therefore be pragmatic to withhold their income information from advisors/IP?

Foggy

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Post by Foggy » Thu Nov 15, 2018 3:18 pm
whattodo17 wrote:
Foggy wrote:
They are quite within their rights to withold this information, in which case the IP will assume a 50/50 split.
Should your partner earn more than you, would it therefore be pragmatic to withhold their income information from advisors/IP?
If there is a large difference, yes. But, of course, the income you declare (as the IVA applicant) would have to be realistic and able to support the IVA.
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
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