nervous of iva

[summer2013]

Hello, I am awaiting a creditors meeting at the end of the month, I am absolutely petrified. I am so worried about how an iva will affect my future and my boyfriend. He is buying a house next year and he wants me to move in (we have had small talks on my situation and knows that I cannot get a mortgage) we have also spoken about getting married in the next few years but I am worried about how the iva will affect the future. will the creditors take us both into account for a future mortgage if we are married? I have considered an iva off my own back as something had to be done. Also does it stay on your credit file forever?
Thank you

[UpToMyNeckInIt]

Hi Summer,

My advice is to stay 'financially Separate' from your boyfriend for the duration of the IVA. IE: Let him apply for a mortgage in his name only, don't have any shared bank accounts etc. Otherwise his rating may be damaged by association with you. Even sharing an address may well affect his rating. (I speak from experince, as my Wife's rating is in the crapper thanks to me).

The IVA drops of your credit records after 6 Years though, so once the mortgage is up and running, you could move in, and then look at remortgaging in joint names afterwards.

If you do move in, you will need to let your IP know as you will have significantly changed your financial circumstances, and this may alter how much you are required to pay into the IVA.

Good luck.

[markiboy]

Totally agree to unto my neck. Stay away from his finances I wouldn't even mention the move in??? It is hard but its the best way if your in a lot of debt?? I don't know your circs but have you considered Bankruptcy???
If you rent then this might be a better option?? Whats the total of your debt??? Bankruptcy can be for 12 months and you can apply to be discharged after that???

[summer2013]

Thank you for your advice. I dont owe as much as some that I have read on here but still enough to hopefully qualify for an iva. I have abit of a problem though...I went to get out some money from a savings account for my brothers birthday and it has been frozen. It is a very small amount that is in there but I have no access to it. Are they aloud to do this? I could have cried in the bank today.

[luluj]

Have you set up a new bank account for your wages to go into ?

Re savings account linked to your present account i believe some banks have it written into their terms and conditions ... You could go into branch and discuss this ... They may release it once they know an IVA is being proposed but not guaranteed.

Stay as separate financially from your boyfriend as possible until the 6th anniversary of your IVA start date, otherwise his credit records will be affected.

[markiboy]

PS Don't be nervous we are here to support.