www.iva.co.uk

I live my partner who with is thinking of starting an IVA to solve his debt problem. Will my rating be affected as well as his if he decides to do this and how will it be affected? How much information will be needed about me for him to start an IVA? I am really worried that this is going to affect me as well as him even though we are only renting the property together. Thanks

Hi
It should not affect your credit rating.
The IVA provider will need details of your income[they will not contact your employer or his] so that they can assess that your partner is paying the correct proportion towards living costs[for example if he earns 60% of your joint income then he should pay 60% of the household costs]
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Do you have any joint debts which you are jointly and severally liable for? If not, then your position will be largely unaffected apart from working out the sharing of expenses as Andy has referred to above.

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

This shouldn't have any affect on your credit rating at all. You will have to pay your fair share of all the bills and may be liable for any joint debt in full.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Thank you for the reply, that really helps. Will any of our possessions be repossessed with an IVA? If so, how can I prove what is mine?

Do you think an IVA will be best solution for him? He owes c£21,500 in personal loans, credit cards, overdrafts and student loans, and he earns £22,000pa. The trouble is if he takes a personal loan out to cover the debt he won't be able to afford the repayments. I earn 60% of our household income - would this affect his chances of getting an IVA at all?

We don't have any joint debts at all.

There will be no repocessions within the IVA unless he fails to pay anything which he has on a HP arrangement. Also he is unlikely to have to sell any assets unless they are worth significant values of money so no Picasso's generally means no problems.

If he can't affford his monthly creditor commitments after his monthly income and expenditure for living then an IVA might be the best solution for him.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Thanks everyone for your helpful replies, I really appreciate it.

You are more than welcome.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Please be aware that the Student Loans company does not generally support IVA's, probably because these cannot be included under bankruptcy proceedings. This policy might affect your partner's ability to get an IVA accepted.

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

On that last point about Student Loans its worth pointing out that even though the Student Loan Company generally doesn't support IVA's,they will be bound by the IVA and will only be able to recoup the same amount as other creditors if the 75% majority vote is acheived at the creditors meeting