My partner is considering IVA. IVA company is asking for my income details also.

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by dan726 » Sun Jun 25, 2017 11:46 am
My partner is moving jobs onto a lower salary. We have been together for a year, her debts are approximately 3 years old. Her debt payments will be over her income amount by £500. So she is looking for an iva. The mortgage and all the household bills are in my name except the water rates they are joint. We pay the money for these into a joint account where I look after the bills and make sure they all go out, this includes my mortgage. The iva company has asked for this accounts details and want to also look at my details and my mortgage. I'm worried this will effect my credit rating and accounts. How should this effect things? At the moment my partner earns 2,000 a month but will drop to around £1000 before tax in September. I earn around 1600 before tax. We both pay 600 into a joint account for bills. Thank you.
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by kallis3 » Sun Jun 25, 2017 11:54 am

Anything joint can impact on your credit rating as well.

Personally I would separate accounts and would possibly look at a different company. Are you looking at Payplan by any chance?
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by Foggy » Sun Jun 25, 2017 3:53 pm
A few firms ( Payplan being one) will look at household income rather than that of the insolvent partner only. This results in you paying towards her debt. Most firms, however, will only look at your income to be able to aportion household bills pro rata, to give her the correct share of allowances in calculating her disposable income.

As Kallis says any joint finances will link your credit files by association and leave a stain on yours. Regarding the house -- if you are the sole owner a few firms ( as above) will try to claim she has an equitable interest and include the house in the scenario (requiring some equity release or a 12 month extension at the end of the arrangement). Again, many firms will not to this if the house is yours alone --- however the creditors might insist on the extension instead, in any case.
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by MerlinL14 » Sun Jun 25, 2017 4:54 pm
Your partners debts are legally nothing to do with you. You can, without penalty, refuse to give any financial information to her IVA company. Worse they can do is assume that you both pay 50/50 into utilities and other household bills. I would be cautious, as stated, about joint accounts as these will be seen as a financial association and will affect your credit rating/score. Use this opportunity to sever these links before she enters an IVA, if that is her course of action. Get her a rent book and 'play that game' that way they have no standing as to if she has equity in the house.
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Michael Peoples
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by Michael Peoples » Mon Jun 26, 2017 8:47 am
I can only agree with the other posters. You have no obligation to provide anything and perhaps your partner should get a second opinion from a different firm.
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