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Moving in with partner with IVA
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Good afternoon,
My partner has an IVA that has been running for three years. It is a joint IVA with his ex for debt that was hers but he agreed to do it jointly as they were a team! We would like to move in together soon. But what affect would his IVA have on me, if any? And also I own my house with no mortgage. He would then no longer be paying his rent which is currently £1100 a month. Would he have to start paying this into the IVA? Would his ex then not have to pay as much? If he paid that much back every month for the rest of the IVA it would be a gigantic overpayment.
Many thanks in advance
My partner has an IVA that has been running for three years. It is a joint IVA with his ex for debt that was hers but he agreed to do it jointly as they were a team! We would like to move in together soon. But what affect would his IVA have on me, if any? And also I own my house with no mortgage. He would then no longer be paying his rent which is currently £1100 a month. Would he have to start paying this into the IVA? Would his ex then not have to pay as much? If he paid that much back every month for the rest of the IVA it would be a gigantic overpayment.
Many thanks in advance
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Comments
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Hi,Well first off, you cannot have a joint IVA, the clue is in the name "individual voluntary arrangement" so that needs clarification.As long as neither of you share a financial product together, it will have no effect on you whatsoever.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1
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Thank you for the reply, Sorry, I've never even heard of it before, let alone understand how they work. Although I am trying to work it out. ! I know they both pay money towards it so presumed it was a joint thing.0
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Having looked into it, seems the correct term is an interlocking iVA!0
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