My husband and i share all outgoings though most of our unsecured debt is in my name. We do not have any joint finances, no mortgage or joing account etc. We are tennants in an unfurnished property. If i was to enter into a IVA how would this work? I have an unsecured loan, 2 credit cards and a store card totalling approx £16,000. Would my husbands credit be affected?
Hi there and welcome to the forum. Love the name by the way - I am the biggest cheese mouse ever!
Your husband's credit rating may be affected if you enter into an IVA, but if there is no financial linkage between you he may be able to file a Notice of Disassociation with the Credit Referencing Agencies to avoid this.
As Melanie states on her post, your could get a Disassociation from each other.
Some creditors request that the full income and expenditure is submitted in an IVA, so that it can be seen that one party isnt paying the "lions share" of the bills.
If your husband has debts too, an allowance would have to be made for this also.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Have a look at www.iva.com and choose to speak to one or two IP's for free advice. Good luck and let us know how you get on.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
