Would my partner be expected to contribute to my debts ?

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bryan.ka

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Post by bryan.ka » Sat Jun 19, 2010 3:39 pm
i have unsecured debts of 42000 (6 CREDITORS) , i take home approx 1500 per month, my partner takes home 1200 a month.
Would my partner be expected to contribute to my debts if i apply for an iva? also would the debt be reduced?
 
 

Julie

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Post by Julie » Sat Jun 19, 2010 4:02 pm
Hi Bryan and welcome to the forum,

Are any of the debts in your partners name? Did your partner benefit from any credit you owe?

If the debts are all in your name and your partner was with you at the time of taking out credit, then their income is only used to show they are paying fairly towards the household expenses.

Your insolvency practitioner (IP) will work with you and your creditors to agree what level of the debt you can actually repay..any surplus will be written off.

DO you own any property?
 
 

Adam Davies

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Post by Adam Davies » Sat Jun 19, 2010 5:43 pm
Hi
They should not have to contribute to your debts and should be able to keep approx 44% of any joint disposable income to use as they wish.
You would use your share of the disposable income to fund an IVA
Regards
Andam Davies
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jun 20, 2010 12:02 pm
It really depends upon the attitude of your creditors on that point. Is there any linkage with your partner - such as a jointly owned property, children or joint debts?
Regards, Melanie Giles, Insolvency Practitioner
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