Personal IVA - Joint current account

glamb

Hi, I'm planning on applying for an IVA once I manage to get a new job - I was made redundant back in November.

My debt is all personal debt, unsecured loans, credit cards etc adding upto an embarassing £60k.

My question is regarding a joint current account that I have with my wife, which has an overdraft facility of £2,400.

When setting up an IVA. do I to bring this up? We have never defaulted on the overdraft and due to my wife working for a Bank, we get a very good interest rate.

If possible, I would like to keep the account out of the IVA process and keep usig it? Any thoughts or advice would be much appreciated.

Thanks,

TakeittotheLimit.

You should list ALL debts before entering into an IVA.
And the other bad thing concerning joint bank accounts is that your wife will be still liable as indeed any other debts you have in joint names,so depending on what you owe you might either have to both do an IVA or one do an IVA and the other a DMP.
But I`m afraid you would be better opening a new bank account.

james32_uk

Glamb it is important that you close any accounts you hold in a joint name with your wife (unless you are doing a joint IVA). This is because any joint accounts will link you financially with you wife and therefore the IVA note will appear on her credit record. I suggest you do what you can to close your Yorkshire account or try to move it into her name only.

emma-uk

I have joint account with my partner to pay our household bills, whilst I am in an IVA his credit is clean with no link to me as we review his credit file often.

james32_uk

emma-uk wrote: »

I have joint account with my partner to pay our household bills, whilst I am in an IVA his credit is clean with no link to me as we review his credit file often.

Sorry I perhaps was a bit ambiguous. What I mean is that whenever a company views your partners credit record they will also search linked reports of which yours will show an IVA.