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IVA help please
foreverskint
Posts: 1,009 Forumite
Hi
My OH has some substantial debt (over 20 thousand) and we are considering an IVA. One of the debts is for around two thoussand for an OD which is in both our names, however the rest is all his.
If we proceed down the IVA path, will I have to be named on it too, as my credit rating is improving and this will just stuff it for 6 years.
I would prefer if it was just in his name, I this possible?
BTW we're not married, just living in sin
lol
My OH has some substantial debt (over 20 thousand) and we are considering an IVA. One of the debts is for around two thoussand for an OD which is in both our names, however the rest is all his.
If we proceed down the IVA path, will I have to be named on it too, as my credit rating is improving and this will just stuff it for 6 years.
I would prefer if it was just in his name, I this possible?
BTW we're not married, just living in sin
lol
0
Comments
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I'm pretty sure you would need to either pay off the OD or move the account into your husbands name before the IVA is set up. Do NOT open up a new account to transfer the OD as this can be deemed as fraud if you then apply for an IVA straight away.Debt as at 12th July 2006 - £61,345 :eek: :eek: :eek:
Debt free 21st Oct 2011.
All thanks to :money:0 -
your OH can do a IVA without you.
however, you are both responsible for joint accounts so if you dont want to go be involved in the IVA yourself then you would become responsible for the full amount of the overdraft.0 -
If you want an insolvency solution, why not go for bankruptcy?0
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