I'm looking at an IVA to deal with my debt (ran a company which is going through liquidation, new income is another company I run but it's a significant drop, and I had a personal guarantee on a large card/credit facility with the old business).
However, I'm unsure on trying to work out my monthly budgeting. I share the household bills with my Wife, but she owns the house I live in 100%. So far we've always split bills 50/50 despite any differences in income.
I think I found some examples of what levels of expenses are reasonable and allowed each month, but should I be calculating it based upon my 50/50 share, or a split based upon our relative incomes? And in either situation, is my split of the mortgage used, even though it's not in my name (i.e. it's me kind of paying rent, ish?)
Normally (except Payplan) they work on shares of expenses being relative to income. If the solvent partner does not disclose their income (they are not obliged to) then a 50 / 50 share is assumed.
You should be allowed your share of the mortgage payment, but some IP's might argue you have an equitable interest in the property, even though you aren't on the deeds. They will not be able to enforce equity release, but may extend the term by 12 months instead -- this would be matter for discussion. Some will just leave the property out of it entirely.
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