Partner has an IVA - moving in together

kezza90

Hi,

I'm an avid reader of the forums and having went bankrupt myself in November 2008 they were an excellent source of help.

My partner has an IVA and is in his second year. We are thinking of moving in together maybe next year and I'd like some advice if possible.

1. I'm currently waiting to see if I can get a mortgage, therefore the mortgage would be in my name only but he would live with me - what is the impact of this on his IVA?
2. Do they take my income into consideration? Would I be better off leasing a room to him (and his kids) in my house? Having eventually passed the 6 years since bankruptcy I'm not in a hurry to have my income taken into consideration for someone else's debt.
3. I have a deposit to put down and this will be written up legally to say he has no claim on it. When we move in together and he contributes towards the mortgage is this classed as him having an asset, even if the house and mortgage are in my name?
4. Can anyone offer any advice on the best way to deal with this please? I love him but I'm not prepared to link myself financially to him until his IVA is over.

Thanks

foxy-stoat

1. No impact on his IVA. If your lender is happy for you only to be named on the mortgage then proceed with that.

2. The IP does not take your income into account, only HIS living expenses. So if you say rented somewhere together for say £600 a month and the mortgage payment was £500 a month, then he may have to lower his living expenses at the annual review, but I assume that he may have higher living expenses to compensate.

3. As long as the mortgage is in your name only then he will not have a claim on your deposit or the house equity, unless his name gets added at a later date or you get married or have kids with him in the future.

4. Keep all the bills in your name, no joint accounts, you wont be finianically linked, but if he will need to be registered living there so you will be linked on your credit report.

kezza90

Thanks foxy-stoat

Would I be better off giving him a rental agreement while he has an IVA, to say that he is renting part of the house from me? Then this keeps us both totally separate?
Thanks

foxy-stoat

Probably not the best thing to do and not necessary as you two are in a relationship and he and his children lives with you, rather than a lodger.

GJ_WRX

We had a similar situation a few years ago when I moved in with my now wife. I was renting a room elsewhere so when I moved in I just started paying her rent instead. She covered all the bills (except food and going out,) but the extra I was paying went towards savings. A few years later we were able to make a decent FF settlement from the savings.

National_Debtline

foxy-stoat wrote: »

4. Keep all the bills in your name, no joint accounts, you wont be finianically linked, but if he will need to be registered living there so you will be linked on your credit report.

I just wanted to clarify re: the above.


Simply being registered to vote at the same address should not result in OP's partner being linked to OP's credit report. If an association between them incorrectly appears on OP's credit report they can get it removed.


Dennis
@natdebtline