I have about 40k of debt via loans and credit cards. I'm married and the house is in my wifes name. We have a joint account for house hold bills (only).
My debt is starting to spiral and I'm looking at taking out an iva.
What effect would an iva have on my wifes credit rating, mortgage etc? It would be an iva in my name only as the debt is mine.
Any advice would be much appreciated.
You would need to get yourself removed from the joint account, and any other joint liabilities, and set up your own basic account with a non-creditor linked bank. As long as you have no financial associations on file there should be no effect on your wife's credit rating.
You may have to argue the equity position regarding the house -- some IP's do take the position that you might have claim to an equitable interest and may need to address this, maybe by extending the term of the IVA by 12 months at the outset. An extension might be the path of least resistance, but, if they argue a release of equity, go elsewhere. Such an interest is not for your IP or creditors to decide and is, if it ever came to it, a matter for the courts.
Have a chat with a couple of firms to compare advice and see who you are comfortable with. I would suggest the smaller to medium sized firms, rather that the 'IVA Factories', but, that said, they do work well for many. I, personally, prefer to have an IP who I can speak to if needs be.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk