IVA Questions

[Katie101]

I have been in an IVA arrangement for 2 and a half years now. I have not missed any payments. Over the last year my situation has changed somewhat - I have had a baby and now me and my partner have a shared income/expenditure, whereas before I was solely in charge of my own income etc. My partner has a business, which we both work for. He is the only director & shareholder. He has taken dividends over the last 2 years which have helped with our private finances. How much of this infomation do I have to declare to my IVA supervisor? I am scared that if they know he has a business they will raise my repayments. Our finances are still tight as he also have a large sum of private debt and we now have childcare costs etc. My IVA is currently being reviewed - a standard annual review and they are asking for his payslips. Do I have to give these to them? We are not married and I am only an employee of the company

[kempie]

If you fail to disclose material changes to your circumstances, the IVA could fail. Failure of the IVA can lead to bankruptcy proceedings.

http://www.insolvencyhelpline.co.uk/individual _voluntary_arrangements/index.php

[GAZ6078]

I too have been in an IVA now for nearly 21/2 yrs and my circumstances changed, if you have a good financial advisor he/she should be able to get reduced payments for you , mine did from �500 to �270 a month, because my son came back to live with me. Remember your creditors will gain nothing if they make you bankrupt, if your outgoings have increased, then they can only really take whats left over after all your obligations are met,but remember to take into account the rise in petrol,electric, gas, food etc when filling out a new statement of means , I did and it help me a great deal.

[Katie101]

The thing that I need to find out about is how much my partner now can be brought into my situation. He has all the assets - car, business etc solely in his name. Will these be considered in my finances?

[GAZ6078]

If you are living as man & wife, then unfortunately the answer would have to be yes. but e-mail me @gmc1960@hotmail and I will give you some info regarding IVA'S (free I might add) cos I do not want to state anything here.