IVA and partner

robertjonesuk

Hi,

My friend is £30k in debt and arranged and IVA. His wife however has only £2k on her credit card. How can she protect herself from his IVA affecting her (like credit rating etc.) I don't know if they have a joint account, so not sure they're financially associated. Also mortgage isn't a problem as they're renting.

Any ideas? I'd appreciate your help.

spenderblender

It shouldn't really effect the wife as contrary to belief it is you that is blacklisted, not the property.

RAS

As long as she has not joint accounts it does not affect her.

Is an IVA really the best option for this person?

robertjonesuk

RAS wrote: »

As long as she has not joint accounts it does not affect her.

Is an IVA really the best option for this person?

It seems that my friend has already signed all the paperwork and eveything is going ahead. he didn't want to change his mind. he only earns around £1000/month and £30k debt, so probably wasn't the worst option. not sure if the best though

toshtec

robertjonesuk wrote: »

Hi,

My friend is £30k in debt and arranged and IVA. His wife however has only £2k on her credit card. How can she protect herself from his IVA affecting her (like credit rating etc.) I don't know if they have a joint account, so not sure they're financially associated. Also mortgage isn't a problem as they're renting.

Any ideas? I'd appreciate your help.

You say that she has only a £2k debt and they live in a rented accomodation then my advice would be that they sign all the house type accounts over to her and he goes bankrupt, the only reason for not doing so is that if he is in a job that would terminate him like the legal profession or banking.

I have just done a 5 year IVA and if it was not for my home I would not have put myself through all that if you rent and not in a loosable job through bankruptcy then dont hesitate go bankrupt, if you cant afford the fee just dont pay any of your debtors for a few months untill you have accumulated it and then file yourself, the hassle stops immediately and you are debt free in a matter of months now, as opposed to years previously, and the partner cannot be compelled to contribute out of thier wages to the bankruptcy contributions presented by the Official Reciever, as for her being affected not by the IVA and credit reference agencies all she has to do is to write to the CRA's and dissasociate herself from him, even if they live at the same address as its more often than not the address they go by, my son had to go down this route because of his mother and my self and our IVA.