IVA Advice

stevenm37

I'm 18 months into an IVA. Its a struggle but I get by. I currently live alone but want to get a place with my girlfriend. We want to rent a place and bring our two families together.
Could someone tell me what the implications are of doing this.
She is solvent and has a clear credit rating, I obviously do not!
Any advise would be greatly appreciated.
Steve

National_Debtline

Hello Steven,

If you have a change in your circumstances you will need to let your IP know. They are likely to go through a new financial statement. They should then work out your pro-rata share of any surplus money and consider modifying the IVA if there is a significant difference to the amount you currently pay.

You're best to contact your IP to check what their rules are before arriving at your decision.

So long as you and your girlfriend keep your finances separate your IVA should not affect her - even if you live together. The only time that your credit score could affect hers is if you sign up for a joint financial agreement like a joint bank account. This would then create a financial link between you both. So, in short, providing you keep your finances independent from each other she will keep her great credit score.

A word of warning, though, there is talk of the possibility that tenancy agreements will start to appear on credit files (we're still unsure if this will actually happen). If this is allowed then your tenancy agreement would need to specifically state that you allow your landlord to process your personal data in this way. If you're planning to move in together sooner rather than later you are likely to beat the changes - if they happen.

Best wishes,

National Debtline.