www.iva.co.uk

Hi Guys,

Can someone possibily answer the following questions.

I am in an IVA and got married yesterday, I entered my IVA before I met my partner, her Dad has stumped up almost all the cash for the wedding and we have said that any wedding gift money we receive will go towards our honeymoon, we have about 5 cheques that have been made out to Mr & Mrs ......
We currently do not have joint bank accounts in the name of Mr & Mrs .......
We have not realy thought about doing a joint bank account becasue of the possible bad credit that could affect My new wife.

What are the negitiave effects of having a joint account with someone with an IVA.

Would I need to declaire the cheques if we decided to open a joint account, the other option if we did not open a joint account would be for the cheques be re-written payable to my wifes previous surname ? is this even legal ?

Thanks

Hi to cash the chqs you would need a joint account. Maybe a savers account? It would be alot easier to do this and no questions asked by family n friends. Hey congrats on yr marriage x

Personally I would ask politely if people could change the cheques into your wife's maiden name, say you haven't got a joint account yet etc etc. That way non of the money can ever be associated to you as under the terms of your IVA you must declare half of the money as a windfall and the IP has the power to make you pay it into your IVA - they may not do this given the circumstances but better safe than sorry..

Well I thought it was a gift? Have I got this wrong? X

I would guess it depends how the IP views it, is it a gift or a windfall... I am a firm believer in the better safe than sorry approach..

Gifts are not windfalls - so the money you have been given cannot be grabbed, Congratulations on the wedding of yesterday by the way.

Congratulations for your wedding day. Your gifts are just that gifts .. No need to declare. I would ask those who gave cheques to amend to your partners maiden name as suggested.
You may find it difficult to open a joint account while in an iVa and even savings accounts are not necessarily easy.

Congratulations Enjoy your honeymoon

Congratulations!

When we got married last year we were given some cheques made out to 'Mr & Mrs'. Because my BR was still on my credit files we didn't want to open a joint account so we asked people to change the cheques and they didn't think anything of it.

Enjoy your honeymoon!

Congratulations hope you had a lovely day. All good advice above so hopefully you'll get those cheques cashed and enjoy whatever you decide to spend your gift money on. x

Hi orsm99 - congratulations on your wedding! If you fel uncomfortable about asking people to change the cheques (no need but some people might) then if you have got a basic account with your current bank ask them if you can have a second one and add your wife onto it - explain the situation. Many IVA clients have more than one account with their bank so they can put away any small savings they make. Your wife can put a notice of disassociation on her credit record if she wants to make doubly sure she is not affected.

Either way, hope you get to cash the money in soon to enjoy it and can look forward to that honeymoon!!

There was one couple I felt awkward about asking but when I plucked up the courage she apologised and said they should have thought about it as they'd been married 12 years and still hadn't got around to opening a joint account!