IVA & my wife

mostly

I'm in the process of going through an IVA with BAker Tilly & I've been informed that they need a income and expendature list from my wife. All of the debts are in my name.
I'm just a bit worried how this could affect my wife.

Thanks

Conor_3

It'll hammer her credit rating. If you've already got missed payments/defaults then it has already affected her.

Basically as far as Credit Reference Agencies and therefore credit card/loan/mortgage companies are concerned, you have joint finances. Your name will be listed on her credit record and so will some of your credit records.

headchef

Mostly - are you paying for them to do an IVA? DON'T!! Look at the links on the top of this site and go to Payplan who are FREE!!

There seems to be a difference of opinion on wether your wife would be affected - I would have thought not - if your debts are just in your name. They will ask for her income too to get an overall picture. For instance, you could claim you are paying all the mortgage, bills etc and have only a few quid left when your wife could be earning a fortune and not contributing to your joint expenses. They just want to see how much money overall is in the pot and how much your are committed to elsewhere.
I had to include OH and one lender put pressure on me, asking why OH wasn't entering into (in my case) a DMP too for his cedit card debts - my answer? 'Well he works in financial services and would probably lose his job'. Reply was 'ah I see, you are right, it wouldn't be in anyone's interest.'
So therefore don't be too worried, but check out the budget planner here and make sure you account for everything you can think of.

headchef

Conor - having reread your post I see what you mean. But can the OP get his wife to check through Experian etc? Even if she has 'black marks' now, can't it be looked at again when hte IVA is set up and Experian informed?

Conor_3

Yep. I'd actually recommend getting a report from both Experian AND Equifax for both himself and his wife. THe OP will see what I mean about the linked records. He'll also see if there's any other debts on record that he's forgotten about.

Experian_company_representative

If you and your wife are financially linked on your credit reports then you entering into an IVA is likely to effect credit applications your wife makes in the future. Most people living together as couples do have financial links. Of course, that doesn't mean she won't be able to get credit as that really depends on the policy of any lender she applies to. In that situation it would probably be wise for her to sound out any lender before applying.

Hitme

mostly wrote:

I'm in the process of going through an IVA with BAker Tilly & I've been informed that they need a income and expendature list from my wife. All of the debts are in my name.
I'm just a bit worried how this could affect my wife.

Thanks

Thank you, this is one of the questions I needed to ask.
I'm going down the same path as you currently e.g. an IVA with Baker Tilly ( recommended by CCCS ???). I completed an expenditure list for the whole household and just included my wifes income on the forms but nothing else.

roswell

you can lodge a disassosiation notice with the credit agencies to state thet you and your wife are financialy independant and have your own incomes, thsi way it wouldnt affect her credit ability.

sparkle84

Mostly - are you paying for them to do an IVA? DON'T!! Look at the links on the top of this site and go to Payplan who are FREE!!

Hi IVA's are not free the IP has to be paid his fee approx £4,000 - £5,000 Baker Tilley are fine for IVA as far as I know CCCS recommend them I think

ramona_2

I am just about to move in with my boyfriend and am paying my debts off through payplan which were run up before I met him at my old address.
Will his wages be taken into concideration when they next do my review. We are financially independant apart from jointly paying the bills and for him to have to pay towards my debts would be totally unfair.

headchef

"Hi IVA's are not free the IP has to be paid his fee approx £4,000 - £5,000 Baker Tilley are fine for IVA as far as I know CCCS recommend them I think"

Thanks Sparkle - I understand now you've said that - so thier ADVICE is free but setting up an IVA does entail a cost by its very nature.


"for him to have to pay towards my debts would be totally unfair"

Ramona - and I think you can make exactly that point to your creditors. They can't persue anyone else for the money anyway.