Impact of an IVA

MrsT2be

Hi all,

I am new to this forum, but just wanted to check on something that has been worrying me for a while.

My fiance has an IVA which he is slowly paying off, he has told me that he has to stick with the accounts that he has and we can't set up a joint account for wedding savings, but I just want to find out whether his IVA will have an impact on my finances/credit when we get married, or will it already have affected it if we have had joint utility bills?

Thanks for your help.

RuthnJasper

Hello there - welcome to the forums!

I am in my fourth year of an IVA myself. Whilst not in your particular situation, I believe that the original IVA would still stand as it is, as long as none of the debts within it are joint debts (if that makes sense!) - you, yourself, shouldn't be affected by the change in your circumstances. If your marriage means that your fiance will be paying less into the "household expenses" pot once you are married, then the IVA provider might ask that he increase his repayments accordingly. But I don't believe that your income will be tapped-up by the IVA people to repay the arrangement he has already entered into.

However (and I'm sure your fiance is aware of this anyway), your OH does have an obligation to inform his IVA Practitioner of any change in his circumstances (including marriage), so the best bet is for him to talk it through with whoever that is. I'm sure they will be helpful - they won't want the IVA to fail any more than your fiance does, so I'm sure it will be OK.

Best thing would be for your OH to give his IVA Practitioner a call tomorrow - then it'll be one less thing to worry about.

Congratulations on your forthcoming marriage - hope you have a long and happy life together (safe in the knowledge that he's been smart enough to sort out his finances beforehand!). xx

Anondebtadvisor

You have had some good advice about the imapct of your marriage on your partners IVA :-)

If you open a joint account your credit file will become linked with your partners and this would affect your credit rating - my advice is to open an account in your name only for wedding savings

MrsT2be

Hi,

Thank you for the responses. I was hoping to get more info on how his IVA will affect my finances or chances of getting credit when we get married? Will I become liable for the debts if he defaults? Will they show on my credit file?

Anondebtadvisor

No his debts are always his liability and dafaults registered to his credit file.

Your credit file may be affected if you get any joint accounts such as mortgage, bank accounts etc - so try to avoid this until his credit file is sorted usually 6years after the start of his IVA.

Basically avoid any joint accounts, to make sure you are not assosiated with him you could file a notice of dissassosiation at the 3 main credit ref agencies