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indy2005
Junior Member
458 Posts |
 Posted - 26 July 2009 : 21:52:15
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Hi,
When te IPA was signed, my wife had two jobs (both part time) and we put her contribution down as £500. This is just over half the mortgage payment.
The house is transferred into my wifes name because I took out 65K to pay off my debts. However, there is perhaps some argument of beneficial interest still to happen (case got passed back from RTLU to the OR office).
We need to reduce my wifes contribution because since the IPA, she has given up one job, and she has had to buy a new car on HP and so has additional outgoings.
The only thing holding us back is that her contribution is over half the mortgage payment. If we reduce it, will it affect the beneficial interest argument as I would be paying more than half (although I dont see how I can be accumulating an interest in an asset after discharge). Are we safe to reduce my wifes payment? One thing we were thinking of was formalising my arrangement here with a rental agreement so its more formal.
Hope this makes sense.
i
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 27 July 2009 : 08:48:11
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If your wife is no longer able to contribute £500 then you should contact the OR and ask to complete a new IPOQ form and just put down what she can afford to contribute. The OR can't force your wife to contribute a certain amount so as she is not BR so shouldn't query a lower amount.
The BI won't be affected if your wife pays less than 50% of the mortgage so this shouldn't be an issue. |
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indy2005
Junior Member
458 Posts |
Posted - 27 July 2009 : 19:43:28
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quote:
Originally posted by gettingoutofdebt
If your wife is no longer able to contribute £500 then you should contact the OR and ask to complete a new IPOQ form and just put down what she can afford to contribute. The OR can't force your wife to contribute a certain amount so as she is not BR so shouldn't query a lower amount.
The BI won't be affected if your wife pays less than 50% of the mortgage so this shouldn't be an issue.
Thanks. Its just instead of accumulating for example £120 capital interest each month in the house by my £500 contribution, I will be accumulating a much bigger amount. Although I am unsure if they can claim on any benefit I incur now through mortgage contributions post discharge.
We are concerned that me paying more than half the mortgage, undermines the case of the house being my wifes. We transferred prior to bankruptcy as I had taken £65K out (equity of exoneration). Am I worrying too much about this aspect....?
Finally, can I say I contribute to half my wifes HP car payment (or all of it). I effectively pay for the car she bought last year but the credit is in her name.
I dont pay anything on my battered old car as it was a gift from my mother in law (from her late husband).
Having a HP payment for a car cant be unreasonable for a family of 4.
Regards
i |
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indy2005
Junior Member
458 Posts |
Posted - 27 July 2009 : 19:44:43
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quote:
Originally posted by indy2005
quote:
Originally posted by gettingoutofdebt
If your wife is no longer able to contribute £500 then you should contact the OR and ask to complete a new IPOQ form and just put down what she can afford to contribute. The OR can't force your wife to contribute a certain amount so as she is not BR so shouldn't query a lower amount.
The BI won't be affected if your wife pays less than 50% of the mortgage so this shouldn't be an issue.
Thanks. Its just instead of accumulating for example £120 capital interest each month in the house by my £500 contribution, I will be accumulating a much bigger amount. Although I am unsure if they can claim on any benefit I incur now through mortgage contributions post discharge.
We are concerned that me paying more than half the mortgage, undermines the case of the house being my wifes. We transferred prior to bankruptcy as I had taken £65K out (equity of exoneration). Am I worrying too much about this aspect....?
Finally, can I say I contribute to half my wifes HP car payment (or all of it). I effectively pay for the car she bought last year but the credit is in her name.
I dont pay anything on my battered old car as it was a gift from my mother in law (from her late husband).
Having a small HP payment for a car cant be unreasonable for a family of 4....I cant get my family in my battered 3 door...!
Regards
i
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Wifes contribution....IPA
