IVA affecting partner

patricke1964 · 6 January 2019 at 3:46PM

I am looking at having to set up an IVA. All debts are in my sole name. I have a small joint account with my wife at lloyds- its in credit and has never been overdrawn- although I have a lloyds credit card as one of my debts. W e rent and the tenancy is in our joint names. How would my IVA affect my wife and her credit rating and the tenancy?

molerat · 6 January 2019 at 4:59PM

If you have a joint account the linked person's credit history may be checked when they apply for credit, not so much for small items such as mobile contracts etc but most certainly for credit cards and loans. They may be unable to get major credit and may not be eligible for prime rates. It will not affect the tenancy.

Mermaid89 · 7 January 2019 at 5:44PM

As you owe a debt to your bank they are highly likely to freeze the account. Has your IVA company told you to switch bank accounts?

foxy-stoat · 7 January 2019 at 5:48PM

I would close that account and remove the association - although people in the same household may be effected by this adverse credit if they apply for anything.

TubbyDown · 14 January 2019 at 10:33AM

I have been in an IVA for the past 3 years, and my wife's income is factored in to the IVA but her credit rating hasn't been affected by it at all. We know because we keep checking online as it was a particular worry for me before entering into my agreement. I didn't want my debts effecting her you see.

As always i would recommend looking for advice wherever you can, the sites i used when i was researching different options are below. Hope they help!!! :j:j:j

https://www.stepchange.org/debt-info/how-an-iva-affects-me.aspx

https://www.moneyadviceservice.org.uk/en/articles/what-is-an-individual-voluntary-arrangement

https://www.iva-advice.co/faqs.html

Daniel1971 · 15 January 2019 at 11:57PM

Shut the joint account and get a basic account with a bank not connected to any of your creditors.

If you have no joint debt your wife will be unaffected by your IVA nor will anyone else in your house.

Good luck

PrettyKittyKat · 16 January 2019 at 7:22PM

You have made a financial connection by having a joint account so there will be some impact, however it may be minimal as none of the debts on her account will be defaulted/behind etc.

IVA affecting partner

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free