I'm seriously thinking about doing an IVA as i'm nearly £30k in debt and really struggling. Myself and girlfriend aren't yet married but are thinking about doing this next year. She's not named on any of my debts so wont be on the inital IVA paperwork, but how will this effect me and more importantly her, if we do go-ahead next year. I'm just worried about her being included and sucked into my mess, as her credit score is excellent. Thank, Phil
Hi Phil and welcome to the Forum.
Provided there is no financial link between you, your girlfriend's credit file should not be affected but it might. Creditors can note relationships but this should not affect her credit rating even if listed on her file.
Any IVA would take into account whoever you live with to ensure you pay your fair share of the bills and the same would apply if you are not currently living together but do so in the future.
Speak to an IP firm for some free advice and to have all your questions answered.
Ive recently finished my IVA early thanks to F&F funding from relatives
We were married, and other than needing to show my wife's earning so show a fair split on household bills, it has had virtually no effect on her.
Initially there was a big of aggro from Lloyds over a joint debt, which she settled (at a reduced rate)
Recently, based mainly on her income we have:
1. Moved house, renting through an estate agent
2. Financed a new car (mine went into the scrappage scheme)
3. Financed a sofa (old one wouldnt fit in new house)
4. Applied for a shared equity mortgage, hope to complete soon.
I also have changed jobs twice.
So yeah there have been tight times, and restrictions. We have got better at bugeting (and saving, and using cash). But life goes on.
Hi Phil and welcome to the forum, hope the above helped you. If you are considering an IVA why not take a look at www.iva.com there you will find a list of companies and some reviews of these. We also have professional posters who come highly recommended and can be found via the experts link.
Always remember to talk to 2 or 3 IP's to get all important case specific advice which will be free x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.