If i stop working but still manage IVA installments, is it okay?

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alan211
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by alan211 » Mon May 08, 2017 8:18 pm
I'm self employed and have had heart trouble, we can pay the amount our creditors want as my partner can cover what we need to pay by doing overtime, my wife thinks I should take things a lot easier rather than give the creditors 50 percent of any extra of her earnings
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Foggy
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by Foggy » Mon May 08, 2017 8:23 pm
If you are the one in the IVA ( and you don't go with Payplan) her money is hers and is not payable into the IVA -- your IVA will be based on your disposable income alone. The IP will want details of her income only to work out her share of household expenses. If she witholds that information they will assume a 50/50 split.

There are times when, because an insolvent partners income cannot support an IVA thet it will be based on a solvent spouse's income --- but that is something to be discussed if the need arises.
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alan211
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by alan211 » Tue May 09, 2017 3:49 am
Me and my wife are on an Iva if I stopped working through ill health, (I'm self employed) but could still manage the payments would this affect my settlement. Please advice.
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doritos
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by doritos » Tue May 09, 2017 6:27 am
The majority of agreements are not too fussed if you are working or not to be honest, as long as you can make the repayments without putting yourself under serious financial pressure they are not too fussed about it.

Obviously tip your IP off so they know whats going on, so if it does become too much of a burden down the line you refer back to organise a payment break or whatever.
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Foggy
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by Foggy » Tue May 09, 2017 6:53 am
Sage words from Doritos. Keep your IP in the loop as there are things he can do to help, if need be.
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Michael Peoples
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by Michael Peoples » Tue May 09, 2017 8:00 am
You would need to do an updated income and expenditure account and it may even be possible to close the IVA down if you are unwell. Always keep your IP informed of any chances.
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Michael Peoples
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by Michael Peoples » Tue May 09, 2017 8:10 am
You should look at some insolvency advice as it does seem unfair that others are having to pay your debts. In addition, you may not be able to work indefinitely and the debts may not be reducing or going away so the money could be being wasted on minimal payments.

Make sure and use a firm with experience of self employed matters as these IVAs are different.
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kallis3
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by kallis3 » Tue May 09, 2017 8:25 am
Duplicate topic - merged to avoid confusion
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Lisa Thomas
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by Lisa Thomas » Tue May 09, 2017 11:35 am
I would speak to your IP - there is a chance they can reduce your payments using their discretion, reduce the payments with consent from creditors via a variation agreement, accept payments to date in final settlement with consent from creditors via a variation.

Only after these options have been explored and potentially discounted would I resort to asking your wife to help with the payments.

Also do not tell them you wife can and is offering to help with the payments, otherwise there won't be an incentive to consider reducing them...
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