I completed my IVA in June 2013 and have continued banking with the Cooperative Bank. I live with my partner, who was not part of my IVA, and he has suggested I apply to be added onto his current account with Virgin Money so that we can pay all bills etc jointly. What do other members think my chances of being accepted are? My credit rating is 'fair' and I have recently been accepted for a Capital One credit card which I am using to try and improve my rating. Thanks for any advice.
If you still have any horrors lurking on your credit history then these will adversely affect your partner if you become financially associated (if you're not already).
If Virgin Money are a previous creditor of yours and were included in your IVA then they may not want you as a customer again.
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur."
Personally I do not like joint accounts anyway but if he wants to pay everything from there you can have your wages paid in to his account or pay a set amount each month from your own.
Alternatively, you could open a joint account with the CoOp but regardless I do not think anything will affect your partner as your IVA closed so long ago.
Assuming the IVS closed at the 5 or 6 year mark, then it should have all disappeared by now, on the proviso that all the defaults etc were correctly dated.
It might be worthwhile getting a copy of each of the three agencies reports just to make sure.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Given that credit files are individual I would think that retrospective association on old debts is highly unlikely. I did say 'I do not' think there will be a problem and still do not.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
Given that credit files are individual I would think that retrospective association on old debts is highly unlikely. I did say 'I do not' think there will be a problem and still do not.
That's great news - I also completed my IVA in summer 2013 and thought (like ilikewatch) that I shouldn't apply for a joint account wirth my husband as the defaults showing on my credit file would affect his excellent credit record - will be really pleased if the credit agencies don't look at existing debts when the 2 credit files become associated.
My IVA started in July 2008 and ended in June 2013. Have checked my credit report with both Equifax and Experian and it has been removed after the 6 year date. I have no other defaults on my credit record. I'm hoping this means it won't affect my partner's credit rating should we decide to apply for a joint account.
As 6 years has passed and your credit files are now clean, then any joint application shouldn't negatively affect your partner.
Your application (but not your partners credit file)could still be negatively affected if you apply for credit with a company who were previously included in your IVA (or are linked to a company who were), or if you are asked during the application process if you have ever entered an arrangement with creditors and answer this truthfully.
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur."
We waited until my BR had dropped off my credit files and then opened a joint account without any problems (Nationwide FlexPlus account). I'd banked with Nationwide throughout my BR so we chose them rather than risk anyone else.
ilikewatch.
I agree that any joint applications for credit could be rejected and thus adversely affect the poster's partner but I cannot see how opening a joint account with them would lead to any black marks on his credit file.
Probably good advice to stay away from any creditors who were in the original IVA.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
I cannot see how opening a joint account with them would lead to any black marks on his credit file.
As I understand the situation, if linzi1071 still had defaults showing on her CRA files (we now know that this isn't the case as she has since stated her CRA files are clean) and became financially associated with her partner, then although this wouldn't put any "black marks" on his file, every time his file was searched by a lender they would also see the negative information on linzi1071's file and take this into account when making a lending decision.
As I say - linzi1071 has now posted further info which confirms her credit files are clear, but from the information contained in her first post it was entirely possible that she still had active defaults showing.
Last edited by ilikewatch on Wed Jan 14, 2015 12:42 pm, edited 1 time in total.
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur."
