IVA affecting partners credit?

elleff

I recently took out an IVA (in November), and throughout the whole process of setting up I must have asked dozens of times for them to give me their word it would not affect my partners credit rating. I went as far as not even providing them with his surname as I was so cautious about it. When they asked for proof of his income etc, I had a lengthy discussion with them about whether it was absolutely necessary for me to give them his bank statement as then I'd be giving away his details. They said it was ok, but if any of the creditors asked for it then I would have to provide it. Nobody ever asked for this proof so I have never given anyone anything other than his first name! He was aware I was going through the process, and heard me ask over and over again whether it would have a negative impact on him, to which I was told everytime 'No it won't affect him at all'.
A few weeks ago he got a letter from his credit card company saying they were reducing his credit limit, we had no idea why as he has a good income and no debt. Then this week he has applied for a loan to fund part of our wedding, and it has been declined by the bank he's been with for over 10 years!!! He called them and they said its to do with my IVA! They have received a notification of it and have had to reassess his situation as a result!!! I am so angry. I called my IVA company but they had closed for the weekend so I can't do anything about it until Monday.
Has anyone else had this happen to them? How did you resolve it? Is there anywhere he is likely to get a loan while this is attached to him? It is massively unfair that I was told over and over this would not happen.

Giggles_Fairy

If his name is not listed on your IVA documents (as in it is not a joint IVA) then his credit file is NOT affected in any way. I suggest you get a copy of his credit file and look at what the issue is. You can get a free trial and view it almost straight away so you can put your kind at ease before Monday. Banks give inaccurate info in my experience!

FoggyBrain_2

Are any of the debts in joint names, or do you have a joint mortgage or joint bank account ? If you are financially associated in this way a search on him will throw up your details too. His credit rating might well be OK but the lender will think twice when they see your record.

elleff

Thanks, none of the debts are linked to him. We do have a joint bank account though.
If we get a copy of his credit file and it says something about my IVA is there anything we can do to get it removed from him? It was not a joint IVA they just wanted to know his income etc so they could work out all our incomings and outgoings.
Do you know where to obtain an instant/online copy of his credit report? He tried yesterday and it was asking him to send proof of address, seems like there must be a quicker way?
Thanks

FoggyBrain_2

Om the experian site you can access the redit report for £2. You can either get it sent by post, or download it. Usually, paying by debit card will prove ID ( it did with me).

Experian_company_representative

You can order a £2 Experian report here. Any financial link between you will mean that credit checks can be linked together. The link can be broken but only once all joint credit has been either closed or transferred into just one name. If and once you do this you can ask Experian to break the link here.

James Jones

FoggyBrain_2

amds84 wrote: »

Experian also offers a free trial for 30 days where you will have full access to it's features.

Now,

If you have a shared financial association with your partner such as a Joint Bank Account then this is your problem and I am afraid your partner is going to have trouble.

Ideally you should of closed all associated accounts before applying for the IVA so not to put your partner at risk.

AMDS --- thank you for your input, but before correcting me, make sure of your facts.

FoggyBrain_2

It was edited a minute before mine was posted, my friend. I am afraid I do not own a time machine .... please enlightern me to my numerous errors

immoral_angeluk

Ok, the facts:
You have an IVA which has (understandably) knackered up your credit rating.
You have a joint bank account - therefore a financial association is on your credit reports between you and him.
Your IVA will be knackering up his credit because of the financial association, not specifically because you did an IVA, so the IVA company couldn't have been responsible for it.
To remove the association and impact on his credit you need to close any open joint accounts and the file a notice of disassociation with the three credit reference agencies equifax, experian and call credit.
One the association has been removed he will no longer be affected as it is not retrospective.
Job done!