if I enter into an iva to sort out MY debts will it affect my husbands chances of credit ( he is a self employed taxi driver who has to change his car & pays for his car via a loan from the car company )
Hi Dawn and welcome to the Forum.
Your husband should not be affected but in practice something may turn up if he applied for a new source of credit. If this were to happen he can contact the credit reference agencies and have the adverse information removed or qualified so in the long run he should be fine.
Hi dawn.kg- It will depend on whether you have any financial links (associations) with your husband i.e. joint credit cards, mortgage, bank accounts etc. Even if you don't have any joint accounts, you could be linked by a credit search that has been carried out in joint names in the last 6 years. If you do have active joint accounts on your credit file, there will be nothing you can do about it until that account is fully repaid and closed. If you don't have any joint accounts but you do have a financial link on your credit file due to a joint search or an old settled joint account, you can apply for a Notice of Disassociation which effectively breaks the financial credit link between you and your husband. This can be done via one of the credit reference agencies, but you will have to apply for a copy of your credit file first. In my experience (10 years as an IFA) an IVA will impact your husbands credit profile (score) in the same way it will affect yours, if you don't disassociate yourselves first.
you will get loads of help and avice as the people here really are sweeties and will do what they can for you.
if you want more info or just to browse at your options take a look on www.iva.com where you will get more info on the iva procedure and reviews and ratings of all the companies on there and can call as many as you need for help stick around and keep posting and welcome to here !!!
It might affect his credit rating in the short-term, but you do need to look at the longer term position as well - as if you can clear your debts quicker in an IVA you could put yourselves in a much sounder position moving forward.
