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Posted: Thu Sep 08, 2011 6:19 pm
by Kevin.2
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.
Posted: Thu Sep 08, 2011 6:23 pm
by Foggy
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.
Posted: Thu Sep 08, 2011 6:23 pm
by kallis3
Hi Kevin,
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?
Posted: Thu Sep 08, 2011 7:31 pm
by plasticdaft
Be very careful and keep your finances apart and her credit rating shouldnt take a hit.
Her income figure will be used to ensure you both pay your fair share of household expenditure when working out what you can afford to pay.
Paul