i am in 50k worth of debt. I live with my partner. The debt is all mine and was there previous to our relationship. i am worried this debt will affect her once we are married. I am applying for an iva. Can the creditors take her money at all.
Hi Kevin. As long as you have no associated borrowings and keep your finances apart for the duration of the IVA your partner's credit rating should survive.
Regarding your last question. A week ago the reply would, in general, have been that her money is her own. However, one company here, apparently, ties the spouse in (or at least the spousal income) and some of it is hijacked into the IVA. Currently a bone of contention.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Your partners income will only be taken into consideration for the joint household bills. The creditors will want to see that you are both paying your fair share to the household income.
Which company have you approached?
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
