two questions

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lisa.n

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Post by lisa.n » Thu Jul 10, 2008 8:28 pm
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Hi,
I have two questions:
1. I live in a house with two friends (and they own the house). I pay them £200 per month rent to live there and I'm wondering if I take out an IVA whether this would affect their home, credit, mortgage in any way?
2. I also have a credit card for work and I'm also a signatory on cheques - if I took out an IVA would I then not be able to have the credit card or be a signatory for the business on cheques?

Many thanks in advance.
LISA
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MelanieGiles

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Post by MelanieGiles » Thu Jul 10, 2008 8:31 pm
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Hi Lisa and welcome to the forum

An IVA would not affect your friends' credit rating, or your ability to sign cheques - but the credit card would need to be included as a debt in the IVA.
Regards, Melanie Giles, Insolvency Practitioner
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Adam Davies

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Post by Adam Davies » Thu Jul 10, 2008 8:33 pm
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Hi Lisa
You friends house will be fine,your creditors will have no claim on any equity,their credit rating should also be ok,at worst they could write to the three credit reference agencies asking for a note of disassociation to be placed on their file.
Check the terms and conditions of your employment regarding insolvency.It may be best to have a chat with your line manager and be open about your debt problems and solution
Regards
Andam Davies
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Adam Davies

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Post by Adam Davies » Thu Jul 10, 2008 8:34 pm
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Sorry Mel,I read the post that Lisa had a company credit card
Regards
Andam Davies
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MelanieGiles

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Post by MelanieGiles » Thu Jul 10, 2008 8:40 pm
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Yes - it appears that you could be right there Andy. Lisa is the credit card provided by your employer or is it in your name?
Regards, Melanie Giles, Insolvency Practitioner
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Kazzy E

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Post by Kazzy E » Thu Jul 10, 2008 10:29 pm
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Mel, if the card is in the company's name and they are wholly responsible for the bill, does it have to be included in the IVA, even if the company name and your name appears on the card? Kazzy
There is light at the end of that dark tunnel. Promise.

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MelanieGiles

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Post by MelanieGiles » Thu Jul 10, 2008 10:50 pm
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No - if the company are fully responsible for the payment of the card balance, then it is not a proper line of personal credit which would need to be included in the IVA.
Regards, Melanie Giles, Insolvency Practitioner
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Kazzy E

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Post by Kazzy E » Thu Jul 10, 2008 10:54 pm
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Phew! I have a company card, but all expenditure is for the business (usually for postage, and some materials) and they pay it in full at the end of the month. Thanks Mel, I can breathe again now! Kazzy x
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