IVA or bankruptcy?

[hellybelly]

My partner is the one that has the debts and he is trying for an IVA but over the last week I have noticed my credit is slowly going down the pan. Even though I have kept up to payments without a struggle, this week Next have withdrawn my credit, I applied for a free trial with Experian only to be told I have to send utility bills, credit card statements and a copy of my passport to them just to get an online credit report.
Is his bad credit already making mine suffer?
We don't own property, his car is worth less than £1000, and he has nothing of any value, a friend has told me that he may be better going bankrupt. Will this affect me? And what does it entail?
Thanks
Helen

[MelanieGiles]

Hi again hellybelly

I don't understand why Experian need all of that stuff. This is usually a simple on-line application.

As you only have few debts, it seems that your credit rating may be starting to be affected by your partner's. You can address this by filing a Notice of Disassociation from him with the credit agencies.

If he does decided to go bankrupt, this is unlikely to affect you - although you are aware it is publicly advertised in the local paper. To apply for bankruptcy, your partner should speak to the local County Court who will be able to provide him with a bankruptcy pack of information and the application forms. Alternatively these can be downloaded from The Insolvency Service website. He will then need to attend Court for the hearing of his bankruptcy application, following which (if an order is granted) the Official Receiver will be appointed his Trustee. If he has surplus disposable income, he may be required to make payments over a three year period.

Hope this helps.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[hellybelly]

Thanks Melanie,

This is what I got from Experian....

We are committed to protecting your personal information and therefore employ a rigorous identity verification system. Unfortunately, we have been unable to confirm your identity from the information you provided. To ensure that we can process your order as quickly as possible, please provide us with the following proof of identity:

* Two forms of original documentation (e.g. utility bill, bank statement, solicitor's letter) dated within the past three months.
* Plus a copy of either your passport, driving licence or birth certificate.


I don't understand it either, however I have ordered a paper report for £2 hopefully to find out what it is, then i will disassociate him from me.

If he does go for bankruptcy, will he have to pay more per month than he will for an IVA?

Even though this is not my debt, I haven't slept soundly for weeks because of it, I have recently started smoking again, and I can't see any end to it, he is going through a divorce and we are engaged hopefully to get married next year, but I can't see a future for us while this is hanging over us.

Sorry to go on, theres people in much worse situations.

Helen

[hellybelly]

To add, he has had someone using his name to obtain credit from his previous address and he has a CIFAS on his name which also shows up on my credit report.

[MelanieGiles]

Hi again

I cannot really tell whether your partner would pay more in terms of monthly payments in a bankruptcy, than he is intending to pay within his IVA. That decision will be made by the Official Receiver based upon his circumstances if he decides to go down that route. Generally, in my experience, payments in bankruptcy are usually lower, but that cannot be guaranteed.

I am sorry you are having problems with your credit records, but now is definately a good time to tidy them up as you are doing.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[neverending]

Hi
The CIFAS against his name will send alarm bells ringing to all creditors and will be the reason for your problems.
You need to get the notice of disassociation sorted asap

[hellybelly]

Thanks neverending, thats the only thing I can think of. I have to receive my report in order to have it taken off, and it will be done asap!!

[thebear29uk]

Hi Helen

I requested a copy of my experian report and had exactly the same problem. I provided the necessary documentation but when i accessed my report there was absoltuly nothing in it to ring alarm bells. More amazingly very little of my debts showed up at all. Most of the entries were "completed" accounts apart from my mortgage and Amex. No info about 5 of my credit cards or any loans. I know credit companies also use equifax but maybe this goes some way to explaining why obtaining the credit in the first place was so easy.

Dave