Hi, can you help/advise please? Do I have to have a separate bank account when in an IVA - AS IN SEPARATE FROM MY HUSBAND? We have a joint account but he is not in the IVA,its just me and I have been advised to get my own acount.
If you are financially linked by a joint account, your husbands credit rating will also take a hit when yours goes down the tubes. So it is better for him for you to financially seperate yourselves.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If you are already in the IVA process then the likelihood is your credit rating is shot, and as linked to your husband his may already be affected.
As far as I am aware it is not necessary and may cause extra worries as getting a mainstream account is very difficult when in an IVA so it may be easier to stay put - however any overdraft facility you have on that account would need to be closed as you are not able to take out any form of credit whilst in an IVA and this includes overdrafts.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
