Working out your outgoings for an IVA

[axxo]

Hello all

Sorry if this info is available on this site somewhere but i have hunted high and low but cannot find the answers im looking for - So here goes ?

If only I for example was looking for an IVA and my married partner does not need one then, when working out expenses like mortgages and the utility bills etc..... How much do i put down ? Should this value be exactly 50/50 as it is joint or should it be worked pro rata based on each others earnings in relationship to our total joint income?

Example if I earned £500 and partner earns £1500 so total income = £2000
my percentage contribution would be 25% so should my mortgage contribution, and all other joint bills be only 25% of the monthly amounts ?

Hope this makes sense

Thanks in advance

[MelanieGiles]

Hi there and welcome to the forum

It really depends on how you actually share the bills within your family unit - however most IPs generally work on the basis of sharing in the same ratio as you earn - for instance if you contribute 2/3 of the income then you should pay 2/3 of the shared outgoings/

Your assumptions therefore are correct.

[Adam Davies]

Hi
It may be easier to list joint income and expenditure and then allow your partner their share of any joint disposable income based on their income as a percentage of the total joint income.
Regards

[axxo]

Thanks for your replys

[plasticdaft]

Hi Axxo. Are there any joint debts to be taken into consideration as if you onlywere to enter into an IVA and your partner has say a joint loan with you they would be held jointly and severally liable for the debt,meaning that they would be chased for the whole amount owed?

Paul

[axxo]

yes we have a joint overdraft of approx 5k. He cannot afford to pay this off if as i suspect the bank will demand immediate repayment. so yes there are lots to weigh up