Partners pay rise

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Googoo2018
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by Googoo2018 » Sun Feb 11, 2018 7:12 pm
Hi guys just in need of some advice ..

My partner has just been told he has to go self employed .. meaning he has an increase of around 500 a month wage .. He is not in my Iva it’s souly In my name for my debt currently paying £120 a month but he lives with me and pays household bills, I am aware that I need to inform my IP but my partner is concerned this will affect his wage, he doesn’t want all his hard earned cash going towards my debt which I understand, I do have a50/50 clause on my IVA expenditures have increased now too from going from employed to self employed any feedback would be appreciated :)
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Foggy
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by Foggy » Sun Feb 11, 2018 8:22 pm
If the IVA is solely in your name your partner's pay rise is of no real concern to your IP. Unless you are with Payplan, his income details would only have been used to establish your proportion of household expenses when working out your IVA payment (Payplan work slightly differently ).

In any event the headline increase in income will be largely offset by tax and NIC deductions which will have to be set aside for the end of year tax bill.
Googoo2018
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by Googoo2018 » Sun Feb 11, 2018 8:53 pm
Thank you for ur feedback foggy, I’m going to call them tomorrow just through peace of mind but what u r saying makes perfect sense! I’m with creditfix so I imagine it’s not the same as pay plan ..
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kallis3
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by kallis3 » Mon Feb 12, 2018 9:05 am
Payplan have always been known to take the whole household income into account. Creditfix don't.
Googoo2018
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by Googoo2018 » Sat Feb 17, 2018 12:38 pm
Can you explain a little more I called them and told them, they didn’t seem that bothered, I’m due to go on maternity in a couple months which will drop household income down - I am just getting muddled with the whole situation with my partners pay rise, when the annual review comes in do I declare this also!? It’s about 500 a month more! Having a baby brain is muddling me up! My income is £665 + his was worked out at repaying £120 a month, he just doesn’t want all his hard money going to my debts as I stated above, obviously if the increase is there I will pay more to my Iva even tho it’s technically not my wage???
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Foggy
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by Foggy » Sat Feb 17, 2018 1:08 pm
Your IVA concerns your debts and the payment is based on your income. An increase in your partner's income will slightly increase his share of household expenses -- if CF even want to know -- so your IVA payment might go up by a few quid, but not much. It is not his place to pay your debts, so his income should not come into it, other than to work out his share of expenses.
Googoo2018
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by Googoo2018 » Sat Feb 17, 2018 7:52 pm
Thanks foggy u r defiantly a savour to this forum :) there’s just so much to take in they sent me a expenditures txt when I called up and told them which brings up my bank but it’s not relevant as partners bank isn’t connected to mine!
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