Marrying someone with an IVA

miss_clarabelle

Hi Everyone,

I'm looking for some advice please. In a month my partner and I are moving in together. He has an IVA and has struggled with money, although he's never paid any bills late. Together we've got him on track and he's paying off his debts (now a year into it and going well). I am the complete opposite and I am always on top of money. I have a great credit rating and his isn't great. Having recently looked at my credit file I am not currently associated with him. We have discussed our finances and when we rent a house together we won't jointly pay bills or try to take out any credit together (he will pay water, i'll pay gas etc.) My first question is:

Will I become linked to him in terms of credit rating when we rent somewhere together?

The research I've done seems to point to "no", but I just want confirmation. We've been discussing marriage and having been together for a few years it may be something we will consider once we've lived together for a bit. When we marry I will take on his surname. We don't plan on trying to get a mortgage or car on credit or anything like that together until his IVA has finished and he's built up his credit, but we would like to get married. So....

Will marrying him damage my credit rating?

We still won't be paying for anything together (technically) as we'll split the bills until his credit is sorted. We won't be trying to get a mortgage or anything like that. But I will become Mrs E and be registered at the same address. I've looked on different sites and the message seems to be quite confusing. People have different ideas of the answer to my question. Can anyone answer this from their experiences or give a firm answer?

I am really looking for sound advice and I know marriage isn't based on 'credit rating', but for a healthy future I would like us to have a good rating on one side.

Thanks for any advice you can give.
C x

miss_clarabelle

Can anyone give an answer? Pleeeeeeease x

MFWannabe

Hi
Welcome to the board. There will be someone along shortly who knows bettter then i do. I'm unsure as regards renting somewhere together and him taking on paying some of the bills.
I do know however that you certainly need to keep your finances seperate; do not get any joint bank accounts or joint loans etc.

devonshire

i am in an iva and my husband has not had any trouble obtaining a credit card, (just the one though!) and we are linked financially. just depends i guess on the company. but i would say that that single credit card is the only credit he has applied for since i started my iva.
i would advise you not to have any joint finances with him as it can affect the partner.

Charco_2

I don't think living together will result in an association for your respective credit ratings... avoiding putting your names together on financial documents is the right way to go though.

No joint accounts, no joint bills etc...

debt_free_-_almost

Hi miss_clarabelle

I've come on here to ask exactly the same question.

My other half is very good with money and has her own house whereas I am not and currently on an IVA.

All our bill are split so we aren't linked in any way. But we are getting married next year and it just occured to me that this will link us.

I'm hoping that as we will still not have any joint finances we will be ok but was looking for clarity.

Can anyone help?

Thanks

Charco_2

Technically speaking, each individual has his or her OWN credit file... I'd have thought that only financial connections could connect you but I honestly wouldn't put it past credit houses to view it differently!

Not a great answer, is it?

Technically you'll be alright, practically you might not be!

Have you tried asking over on the DebtFreeWannabe board? They're quite good at stuff like this over there!

embrace1204

Hi there

No you're not linked financially. The only way you will be linked financially is by having a joint financial commitment! Taking his name and marrying him doesn't automatically mean that that's going to happen so it's not taken into account.

To clarify ONLY if you have a joint financial commitment with him will you be linked to him. Renting a house isn't classed as a joint financial commitment weirdly enough, but it may be worth doing it in 1 name only if possible for added peace of mind.

miss_clarabelle

Hi Everyone,

Thanks for the advice. I also spoke to a lady at credit expert today and when she asked if she could help with any information I thought I'd see if she knew the answer to this question. She said the same as you, don't share financial things, e.g. loans, mortgages, generally getting credit together (which we'd already decided not to do) and being married doesn't automatically connect you financially...two names on credit card etc. would so avoid at all costs (which is what we already thought). Also, co-habiting doesn't associate you either...maybe this is because lots of people house share with friends and strangers that they have no financial connection to. Hope this helps you too 'Debt Free-Almost' and thanks everyone for the great responses.

X