www.iva.co.uk

I have a joint IVA with my partner but he wants to go bankrupt. Do I have to go bankrupt with him? We have a joint mortgage and I can't afford it on my own. I don't want to go bankrupt because of my job, can I continue with the IVA? I want to improve my credit rating asap as I want to obtain a mortgage at some point, is the IVA my quickest option?

I heard if you went bankrupt, you would have to make payments for 3 years. What do these payments relate to? Is it the 50% surplus income? How many years is it before you can obtain credit again after bankruptcy?

Sorry for all the questions but I'm really confused.

Thanks

You really need to ask these sort of questions directly to your IP, but it may be possible to split the IVAs to enable yours to continue if your partner wants to go bankrupt. Why have they decided to do this now?

In bankruptcy, you may be required to make ongoing monthly payments under either an Income Payments Agreement or Order for a maximum three year period. These will usually be set at between 50% and 70% of your disposable income.

Technically you can obtain credit as soon as you are discharged from bankruptcy, but in practice this may be somewhat more difficult.