partners wage

sally · Joined: 04 Dec 2006 Posts: 3

just fillin in this iva form, and it asks about my partners wage and stuff like that, do i need to put this? i dont want me partner to know what a mess i am in with money? we have separate banks etc so it makes no diff how much he gets.....

Andrew · Posted: Mon Dec 04, 2006 5:50 pm Post subject: Partner's wage

Information about your partner's wage and debts is relevant to your IVA application.

In fact, we find that miss-stating partners' financial positions is one of the most common reasons why our online system fails to make an IVA recommendation when everything else looks sensible.

For example, If you've included all your household spending in your statement, but not given us your partner's income, your possible IVA payment may well look too low even to finance an IVA. If we know there is a partner who is earning, we can apportion some of the outgoings to their income and - hey presto - the surplus you have to fund your IVA goes up.

Joint debts need to be disclosed too. Imagine you have a joint personal loan for £10,000 and we manage to negotiate an IVA that requires you only to repay 30% of all you owe. You'll need to repay £3,000. If it's a joint debt, the lender can chase your partner for the remaining £7,000: It might mean that best advice is that you both get an IVA - that way you'd (assuming similar incomes) both probably be asked to repay £3,000 each - that's a total of £6,000 and £4,000 less than you might otherwise have to pay.

Being as open as possible about your circumstances is almost always the best policy - and we'd advise nothing less: We try to pry as little as necessary though.

I hope that helps.

Best regards,

Andrew

PS - an case-history of someone who did not tell us the whole truth can be found here.

belly-up · Joined: 05 Dec 2006 Posts: 4

i agree wit Andrew here, i didnt tell my other half at first and it called a whole host of arguements. You cant keep it a secret foreva

do it

sally · Joined: 04 Dec 2006 Posts: 3

ok, i see your point

cheers

fingers crossed for me

Stu · Joined: 25 Apr 2007 Posts: 15

I have been reading this forum to try and help me make the big decision between Bankruptcy or an IVA!!! I am finding it very useful - people have posted questions i may not even have considered - i never even thought about the impact of my partner!

Me and my partner live together. We are not married and we do not share our money. We pay for all household bolls 50/50.

Would i have to involve her earnings into my IVA?? Our relationship is not that stable and so i would rather it not be reliant on her contribution??

Stu