www.iva.co.uk

Can I add my wife onto my bank so our wages can be paid into one account without it affecting her credit rating?

Hello,

Have you had your completion letter and has the IVA dropped off your record?

If so then you can try and add your wife on.

Yes if the credit file is clean. However if the bank was a previous creditor they might say no or they might put a lending restriction on your joint account with them.

im not going onto her account she is coming to my bank with RBS who have been with throughout my iva.

Same applies, there will no doubt be some kind of lending restriction on your account and association created between the two of you.

ok thanks for your replies. We not wanting to get a overdraft we just want our wages paid into the same account without me damaging her good credit rating

If the account is a "standard bank account" then it's considered a credit product reported on at the CRA if it was recently opened whether there is an agreed overdraft or not.

This is because a standard bank account can still be granted a informal overdraft where basically you just take out more than you have in and get charged a fortune for doing so in a unarranged overdraft if they agree to the lending or in fees in returned payments if they don't.

its just a standard bank account with a debit card i cant go overdrawn and no overdraft is available but the account does show on my credit report. I just want to know if adding my wife onto the account will damage her credit rating.

if it's reported at the CRA then it will affect both your credit ratings.

looks like we going to have to keep separate bank accounts then even tho iva as already ended! she has nothing to do with my iva. so the defaults i have on my account from 5 years ago when i was not even with my wife will affect her credit rating seems unfair to me that!

Nothing stopping you having a joint savings account though. Savings accounts are not reported at the CRA

but with a joint savings account im guessing you cant use your card in shops abroad etc so it would mean paying our wages into a savings account then having to transfer it

Yes I agree, that is unfortunately the case. Joint bank accounts though are going to get reported so if you want to avoid a financial link that is your only option really.

I'd wait until you get your IVA closed down and credit file cleaned up.

Just to say myself and my wife were aloud to have a joint account but its a basic cash card account with a visa debit can still go overdrawn and get charged fees which we all hate but not sure how long u will have to wait?

but who as the iva both of you or just one of you?? im trying to avoid damaging my wifes good credit rating