Hi, my ex partner is currently applying for iva. I wanted to know how I can protect myself? If it will effect our house, which under a joint mortgage, joint bank account. My credit score? Anything I can do to put in place not to be effected by it?
If things are joint you need to disassociate yourself asap or you will be liable for the full debt e.g. if joint overdraft they will come after you.
An RX1 is likely to be placed on the house whihc is a flag to say that there are restrictions linked to the sale from your ex side.
I cannot stress enough - disassociate now from all joint debts if you can.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
You should consider independent legal advice. The marital home will be involved and you will probably have to agree to a remortgage so while an IVA may be their best option it may not be yours.
It depends on the value etc and who lives in it so make sure you are protected.
