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[imjoe30]

I am currently in an IVA and my partners income is requested each year as part of my I&E.

It is not a joint IVA and we do not send my partners bank statements in. So given that my partners income is taken into consideration when deciding how much I have left to pay into my IVA, what happens if she decides she wants a car on finance?

I cannot stop her from applying for any finance as it is her choice.

Does anyone think this would be a problem? Would it cause more hassle than it's worth? Can the IVA make me fail?
Or is it a case of she can do as she pleases as she is not bound by the IVA as it is solely mine?

I would be asking for a decrease in payment obviously, has anyone else had any problems asking for a decrease?

Thank you

Joe

[Hayden]

Hi imjoe30

Given your patner is not in an IVA she can certainly apply for and take on new forms of credit such as car finance if she wishes. If she goes ahead this in itself would not cause your IVA company to fail the Arrangement.

However the extra expenditure is going to impact your ability to maintain your IVA payments it will be a problem...

In these circumstances it will really be up to your IVA company as to how they react and whether or not they want to help you out. As a rule of thumb they are likely to be reluctant to reduce your IVA payment unless the reason for the extra expenditure is absolutely critical. Different IVA companies will have different attitudes to this....

I would recommend speaking to them up front about it and test the water. Then at least you know where you stand. Remember even if they are receptive to the idea of reducing your payments they will only do so if you accept an extension of your IVA for at least 12 months.