Issues with setting up a joint bank account with my husband who has an IVA?

silent_meow

My husband has an IVA from before we met, we recently married in September, there are 7 payments left to be made. We have started a business, limited company, which is currently all in my name as director and sole share holder, with only my name on the business bank account also and he is down as an employee. Basically he is now contracting in IT, and we are paying it into the business. We are both taking a salary of £10k a year, but I will be periodically declaring dividends, which will be paid into my bank account.

My question is, if we were to set up a joint bank account, that would receive both salaries and dividends, so all the money would be accessible by both of us, would this cause issues with his IVA, or would the IVA cause issues in us setting up a joint account? He is convinced he needs to have as little money in his account and name as possible.

I really don't understand much about IVA's, but he pays around £215 per month off, and when I asked why it was not possible for him too just pay the 'balance' and be done with it, he says because it's all worked out on what they think you can afford to pay back, and they'll want more if they think he can pay more.

Is it worth just waiting until the IVA has finished to get a joint bank account?

alastairq

It may be worthwhile avoiding joint accounts for the moment, as that would create a financial link between the two of you, thus, your husband's poor credit record would also be attached to you.

TheGardener

In addition to alatairq's point - You might also struggle to find a bank that would let you open a joint account...and yes - you are probably best letting the IVA run it course anyway.

tonyranks

do not join them.....you will become linked financially to credit ref agencies and they will see iva...automatic refusal no questions asked

zuluwarrior31

The only bank accounts you have access to are basic accounts if you really want to do it. Santander and Co-Op offer the ones with highest success rate. Do not think once his last payment is over that you'll be able to do it no questions asked. You will have to wait for his certificate of completion before you will be able to have the access to the better joint accounts. If you are living in the same address you are already financially linked (or associate) as it is seen on a credit report.

alastairq

If you are living in the same address you are already financially linked (or associate) as it is seen on a credit report.

Not quite correct.

Individuals are not linked by address.

They are linked by common accounts...ie, joint bank accounts, or joint names on mortgages, etc.