IVA question

SeBee

I am looking for some advice please.
My partner has an IVA which started 2 years before we met and has about 2 years left. He is managing ok although he would obviously like to be cleared of it.
He is about to move in with me and so, while he doesn't want me to have to get involved with his IVA, I want to know if I automatically become involved once we share a home. I have a good credit rating, no debt issues and a mortgage.
Is there anything I should consider regarding how I protect my credit rating and how we should organise our financial contributions to the household? Whilst I'm not in a position to clear his IVA it would be good to know if I can in anyway benefit his situation.

Thanks in advance.....

supermum1988

You shouldnt be involved at all if its his debt. I'd recommend keeping your bills in your name though as this can come up on credit files I think.

sourcrates

Hi,
You will have no connection whatsoever to his debts, or his IVA.

Neither of these can be transferred from one person to another, nor can any other person be held liable for another persons debts.

However, as you are moving in together, when he next does his annual review, your joint household income will be taken into account, that's only if he informs his IP of his new living arrangements, if he doesn't tell them, they won't know, if you know what I mean.

Of course he is obligated to inform his IP of any changes of this nature, you will just have to make your budget balance correctly, I believe it's called "creative accounting" !!!!

andyfromotley

Don't have a joint financial product, (bank account, loan etc) with him as this will link you financially with the credit reference agencies. This in no way makes you responsible for his debt but could impact your ability to get credit.