2 Questions

[ids26]

Hi everyone,

I have looked at the forum but cant find the answers, so I am asking them, sorry if they have been covered before:

1) My partner and I only have one joint debt, which is a our joint bank account, which has an overdraft on it, my question is as all the other debts are in my name, could I have my partner removed from the joint account ( with his permission, and authority) so the account was only in my name, and then all the debt would be in my name.My IVA has not been accepted and I haven't signed any paper work yet. Please let me know if anyone has done this before?


2) My other question is, I work for a company which is not regulated, I spoke to our HR department who says I have to disclose the IVA, my company does have a vetting process, but only for new employees, so that wouldn't affect me, their advice was not to go into a IVA, which is nonsense as I have no other choice...but has anyone been sacked for not disclosing? as I say my company is not regulated, I don't deal with cash. and I know there are other employees who have IVA's and big debts, which they have not disclosed at all. any advice on this...


Thanks in advance

[carrie]

Hi

I can't answer question 1, but your second question I had the same worry.

I work for a bank and when I started my IVA in 2009 contacted HR who advised me to talk to my line manager. My manager was really sympathetic and said he had several employees who were in IVAs and it would not affect my role. He was true to his word and I updated him when I finished IVA with F&F in 2012. I've had several promotions within the company and never faced any problems, although I wouldn't entertain a position that involves selling financial products to customers.

Carrie

[Foggy]

Hi. Regarding question 1 ---- It is possible IF the bank agree, which they may not. As it is they have 2 people they can chase for the debt to them and they would be reducing their "security" if they let one "off the hook".

Question 2 --- This is down to your conscience and ability to keep up a pretence for 5 years, should you decide not to disclose it.

[ids26]

Thanks,

My bank is not aware of my IVA , as no contact has been made to them regarding it. I suppose it is worth the question to them .



My line manager is aware of it, so I suppose I have disclosed it as she is supportive.I will speak to her again.

[Lisa Thomas]

Are you supposed to disclose it when you join IF you are already in an IVA OR are you supposed to disclose it if and when it happens if you are already an employee?

These are two different things...

Also I can't see the Bank letting your partner off the hook for the joint debt, especially given you are not able to pay yours back in full. This is the whole point of it being in joint names - so they can pursue the solvent debtor. S/he will have to be prepared to make their own arrangements for the whole of the overdraft I'm afraid.

[ids26]

Hi Lisa,

I am a little confused, as the bank have no idea that I am even contemplating a IVA, so how could they pursue him if he off the account.

[kallis3]

Once you go along the IVA route then the bank will be informed as the overdraft is in joint names so I doubt they will take him off and they will chase him for his portion. They may not agree to it anyway.

[Foggy]

Hi Lisa,

I am a little confused, as the bank have no idea that I am even contemplating a IVA, so how could they pursue him if he off the account.

They will learn of the IVA as soon as it is proposed and would take a dim view of your partner removing himself from liability in the full knowledge that the IVA was on the way.

In any event, even if no IVA were on the horizon, I doubt they would remove him while the account is overdrawn.

[ids26]

Aahh yes I see that now. I'll just see how we go then, don't want to upset them lol.

Thanks again

[ids26]

hi Lisa,

Just re re read your post about my employer, I am not in the IVA as yet, spoke to my line manager today, who also spoke to her manager, and all is fine. I have disclosed it now so all good.

Thanks again

[kallis3]

That's good news then - hope everything else goes ok.

[Lisa Thomas]

As the others have stated the bank is one of your creditors so will be notified of the IVA. YOu might also want to make alternative banking arrangements ahead of the IVA taking place so you have a bank account to fall back on.

Good news with your employer.

[kallis3]

With the new bank account I'd recommend the Co-op, Nationwide or Barclays for a basic account. HSBC First Direct are known for not being IVA friendly regardless of whether or not they are a creditor.

[ids26]

Thanks, I have opened a basic account at the co-op.

[kallis3]

That's good - they do come recommended.